Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. zeke contributed $8,000 for a 25% interest in a mo

Zeke contributed $8,000 for a 25% interest in a mobile clothing boutique. He also contributed...

60.1K

Verified Solution

Question

Accounting

Zeke contributed $8,000 for a 25% interest in a mobile clothing boutique. He also contributed a point of sale system witth a fiar market value of $1200 and an adjusted basis of $800. His allocated share of partnership income, net of deductions was $5,000. What is Zeke's partnership tax capital account in this business at the endof the year

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

Three polarizing disks whose planes are parallel and centred on common axis. The directions of their...

Physics
Q

In 175 words tell what are some of the pros and cons to the Ethics Code?

Psychology
Q

discuss the history of heron's fountain in 100-200 words

Physics
Q

1. For each of the phenomena described below, propose a probability distribution for the numerical variable(s)...

Advance Math
Q

Proposition 6.18 (Division Algorithm for Polynomials). Let n(x) be a polynomial that is not zero. For...

Advance Math
Q

Attempt Sheffield Industries had the following inventory transactions occur during 2020 Units 2 1 20...

Basic Math
Q

If A is an nxn invertible matrix then Select one O a A 0 det...

Algebra
Q

IRC sec. 61 defines gross income as all income from whatever source derived including but...

Accounting
Q

Value = $475,000 Current balance = $320,000 Current payment = $2,455 Cash out = $35,000...

Accounting
Q

#21-24 in my hwThe first picture information should be used to answer every question ...

Accounting
Q

8. Weston Corporation just paid a dividend of $1.75 a share...

Finance
Q

Becton Labs, Incorporated, produces various chemical compounds for industrial use. One compound, called Fludex, has...

Accounting