🏷️ LIMITED TIME OFFER: GET 20% OFF GRADE+ YEARLY SUBSCRIPTION →
Log in
Accounting
11
answers
0
watching
44
views
23 Nov 2019

Jerry contributed $8,000 for a 25% interest in a bookstore. He also contributed a cash register, with a fair market value of $490 and adjusted basis of $350. The store had a profit of $60,000 at the end of the year. What is Jerry's partnership basis in the bookstore at the end of the year?
A- $23,000
B- $23,300
C- $23,350
D- $23,490

Watch
11
answers
0
watching
44
views

For unlimited access to Homework Help, a Homework+ subscription is required.

Unlock all answers

Get 1 free homework help answer.
Get unlimited access
Already have an account? Log in
Share
Get unlimited access
Already have an account? Log in
Share
Get unlimited access
Already have an account? Log in
Share
Get unlimited access
Already have an account? Log in
Share
Get unlimited access
Already have an account? Log in
Share
Get unlimited access
Already have an account? Log in
Share
Get unlimited access
Already have an account? Log in
Share
Get unlimited access
Already have an account? Log in
Share
Get unlimited access
Already have an account? Log in
Share
Get unlimited access
Already have an account? Log in
Share
Trinidad Tremblay
Trinidad TremblayLv2
6 Jul 2019
Get unlimited access
Already have an account? Log in
Share

Related questions

Jerry contributed $8,000 for a 25% interest in a bookstore. healso contributed a cash register, with a fair market value of$3,000, adjusted basis of$2,500, and a loan amount of $1,500. whatis Jerry's beginning partnership basis in the bookstore? 1) 8,0002)9,000 3)9,375 4)10,500

George contributed nondepreciable property with a basis of$100,000 and a fair market value of $120,000 to the PearPartnership in 2012 in exchange for a 40% interest in thepartnership. In 2013, he receives a nonliquidating distributionfrom the partnership of other property with a basis to thepartnership of $40,000 and a fair market value of $80,000. Thebasis in his partnership interest at the time of the distributionwas $55,000. How much gain or loss does George recognize on thedistribution? (Assume no other distributions have been made toGeorge, the property he originally contributed is still owned bythe partnership, and this is not a disguised sale transaction.):Select one:

a. $20,000 gain.

b. $25,000 gain.

c. $0 gain or loss.

d. $40,000 gain.

Sam, Sue, and Shelley formed a partnership. Sam received a 50 percent interest in the partnership in exchange for land with an adjusted basis to him of $30,000 and a fair market value of $50,000. Sue received a 25 percent interest in the partnership in exchange for $25,000 of cash. Shelley received a 25 percent interest in the partnership in exchange for $25,000 of cash. Six years after the date of contribution, the land contributed by Sam was sold by the partnership to an unrelated third party for $90,000. How much gain was required to be allocated to Sam as a result of the sale by the partnership?

a. $20,000

b. $30,000

c. $40,000

d. $60,000

Weekly leaderboard

Home
Homework Help 3,900,000
Accounting 580,000
Start filling in the gaps now
Log in