Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. on january 1,2023, stanley (a us individual) contr

On January 1,2023, Stanley (a US individual) contributed $30,000 cash and land with a tax...

50.1K

Verified Solution

Question

Accounting

On January 1,2023, Stanley (a US individual) contributed $30,000 cash and land with a tax basis of $90,000 and a FMV of $155,000 in exchange for a 50% interest in Acme LP (a US partnership). During 2023, Acme incurred the following:Gross Sales: $150,000COGS: $70,000Dividend Income: $10,000Nondeductible Expenses: $5,000At the end of 2023, Stanley will have a basis in Acme LP of:$172,500$230,000$165,000$162,500

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

3 Graph y sin x 1 T TT 2 3 2 1 0 1 TT...

Calculus
Q

At the beginning of the month, you owned $7,000 of News Corp, $5,000 of First Data,...

Finance
Q

How to write a self-defined function to find the inverse of a matrix by using Gaussian...

Advance Math
Q

Recall that Benford's Law claims that numbers chosen from very large data files tend to have...

Statistics
Q

viii. In the ___________________________________ system, lubricating oil is carried in separate tanks from where it is...

Mechanical Engineering
Q

Describe the leadership traits,skills, and behavior of Okonkwo and how that impacted his success and failures...

General Management
Q

The angle subtebded bby an arc of length units at the centre of circle having...

Basic Math
Q

Solve (w-5)-48 = 0 where w is a real number.WZL-

Basic Math
Q

Sketch the curve given by the set of parametric equations.X=t+4y=t/5+8

Basic Math
Q

Suppose Price Point Furniture issued 300,000 shares of its $5 par common stock at 57...

Accounting
Q

Vulcan Service Company experienced the following transactions for Year 1, its first year of operations:...

Accounting
Q

Andyco, Inc., has the following balance sheet and an equity market-to-book ratio of 1.3. Assuming...

Finance