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Lunna [17]
2 years ago
7

Byron is a partner in the Dowdy Group. At the close of the current year, Byron's basis in the partnership is $34,000. At that ti

me, the partnership distributes cash of $8,000 and property with a basis of $9,000 and a fair market value of $13,000 to each partner. What is Byron's basis in the partnership after the distribution?
Business
1 answer:
Kitty [74]2 years ago
6 0

Answer:

$17,000

Explanation:

The partnership takes on/out  the basis of contributed/ distributed property; cash is always consider basis as its face value.

The fair market value of property distributed is used to consider contributor’s gain/ loss only.

The basis in the partnership after distribution = current basis in partnership – cash distributed – basis of any other distribution

Thus Bryon’s basis in the partnership after the distribution = $34,000 - $8,000 = $17,000

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Many Super Bowl football tickets are resold online for several times their face value. As the game day approaches, unsold ticket
Alenkasestr [34]

Answer:

The answer is b) rise in price to target desperate last minute buyers.

Explanation:

Last minute buyers would buy the tickets despite the increase in price. Revenue is likely to be maximized from the premium in the tickets' price.

8 0
2 years ago
Rodrigo has worked for Three Brothers Construction for over 10 years and was recently was promoted to the position of foreman. H
dolphi86 [110]

Answer: Supervisory Management.

Explanation:

Rodrigo is now a member of the Supervisory Management of his company. The Supervisory managers are individuals that oversee other employees within a specified department in a company, to ensure they are carrying out their jobs effectively.

3 0
2 years ago
Kirkwood acquires 100 percent of the outstanding voting shares of Soufflot Company on January 1, 2018. To obtain these shares, K
lesya [120]

Answer:

$555,000

Explanation:

Calculation for the amount that will be reported for consolidated cash after the acquisition is completed

Cash at Kirkwood Inc $475,000

(900-400-15-10)

Add Cash at Soufflot Company $80,000

Consolidated cash after acquisition is completed $555,000

Therefore the amount that will be reported for consolidated cash after the acquisition is completed will be $555,000

4 0
2 years ago
Joe and Michelle have a partnership firm. Based on the income-based method of calculating GDP, what category is the income earne
tekilochka [14]

Answer: B) employee’s compensation.

The income approach to measure gross domestic product or GDP starts with the income earned (wages plus plus rents plus interest plus profits) from the production of goods and services.

Based on the income-based method of calculating GDP, income or wages earned by Joe and Michelle for being partners can be categorized under B) employee’s compensation.


3 0
2 years ago
Which of the elements of this scenario represent a flow from a firm to a household? This could be a flow of dollars, inputs, or
Jlenok [28]

Answer: Dina's labor the car wash dina receives the $300 per week and charles earns working for spotless car wash

Explanation: The flow from a firm to a household can be in the form of goods and services purchased by the household or in the form of flow of factor income to the household. Out of the given options, Dina's labor in the car wash and Charles earning from spotless car wash represent a flow of income from the firm to the households. While, Charles spending on airline tickets represent a flow from the household to the firm in the form of expenditure for buying a service. So, a and b are correct.  


4 0
2 years ago
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