Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. the xyz partnership has the following balance shee

The XYZ partnership has the following balance sheets: ...

90.2K

Verified Solution

Question

Accounting

The XYZ partnership has the following balance sheets:

Basis

FMV

Land

$40,000

$52,000

Inventory

$20,000

$40,000

Unrealized Rec.

$0

$25,000

Liabilities

$12,000

$12,000

Capital, X

$16,000

$35,000

Capital, Y

$16,000

$35,000

Capital, Z

$16,000

$35,000

$60,000

$117,000

If partner X (1/3 partner) sells his partnership interest (holding period = two years) to W for $30,000 cash, how much income will X recognize, and what will be its character?

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: Zin AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

Standard deviation is a useful concept in performance management. Let us say that a director in...

Basic Math
Q

10) Bilingual children, who learn to inhibit one language while using the other, are also better...

Psychology
Q

Name of bond it can form with another atom Give an example Give a description...

Biology
Q

Two species of water lilies in the same pond do not interbreed because one blooms...

Biology
Q

12 Explain the statement that both types bacteria and archaea have the same basic structures...

Biology
Q

mping find out the expressions for amplitude and time period find out the solution for...

Physics
Q

Farrow Co. expects to sell 150,000 units of its product in the next period with...

Accounting
Q

17. Una empresa compr el 1 de abril de 2016 una maquinaria por 80...

Accounting
Q

If financing for the renovation of a countys municipal park that was begun and completed...

Accounting
Q

Accounting type Question: For the purpose of final accounts, stock is normally valued according to:...

Accounting
Q

E6-5(Algo) Calculating Contribution Margin and Contribution Margin Ratio; Identifying Break-Even Point, Target Profit [LO 6-1,6-2]...

Accounting
Q

Delta Lighting has sales of $34 million, total assets of $24 million, and fixed assets...

Finance