Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. what is the answer this question: milton owns a 4

What is the answer this question: Milton owns a 40% interest in Bradley Games,...

80.2K

Verified Solution

Question

Accounting

What is the answer this question:

Milton owns a 40% interest in Bradley Games, a partnership. His basis in the partnership on January 1, 2021, was $20,000. Milton took a cash distribution of $19,000 on July 1, 2021.

This $19,000 is: A liquidating distribution. A current distribution. A reduction in Milton's share of liabilities. Milton's distributive share of income.

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

Consider the he kinetics data below. Note that two reactions were studied. Use the information to...

Chemistry
Q

Give examples of 3 distinct types of filters (band pass, high pass, and low pass). Create...

Electrical Engineering
Q

A = { [1,2,3,2] , [-2,0,-2,-4], [0,4,4,0], [1,2,3,2]} Can you answer the following questions regarding this matrix: a)...

Advance Math
Q

Consider these two marketing mix elements. How has the Internet affected Pricing policies? Discuss how Place...

General Management
Q

The magnetic moment of a circular coil carrying current is 1 directly proportional to the...

Physics
Q

Write the equations of the lines that form the four sides of the right trapezoid...

Basic Math
Q

e answer above is NOT correct Determine the value of h such that the matrix...

Algebra
Q

Required information [The following information applies to the...

Accounting
Q

Question 4: (12 marks) McKinson Publishers produces the book covers for its hardbound books. Recently,...

Accounting
Q

data Assignment Problem Six - 14 (Comprehensive Case Covering Chapters 1 to 6) Ms....

Accounting
Q

A company is preparing annual financial statements including the statement of cash flows. The controller...

Accounting
Q

Which of the following transactions creates an increase in expenses? 1. purchase of office equipment...

Accounting