38. lance contributed investment property worth $500,000, purchased three years ago for $200,000 cash, to cloud peak llc in exchange for an 85 percent profits and capital interest in the llc. cloud peak owes $300,000 to its suppliers but has no other debts. a) what is lance’s tax basis in his llc interest? b) what is lance’s holding period in his interest? c) what is cloud peak’s basis in the contributed property? d) what is cloud peak’s holding period in the contributed property? spilker, brian; spilker, brian. mcgraw-hill's taxation of individuals and business entities 2020 edition (page 20-40). mcgraw-hill higher education. kindle edition.

During the first month of operations, martinson services, inc., completed the following transactions: jan 2 martinson services received $65,000 cash and issued common stock to the stockholders. 3 purchased supplies, $1,000, and equipment, $12,000, on account. 4 performed services for a customer and received cash, $5,500. 7 paid cash to acquire land, $39,000. 11 performed services for a customer and billed the customer, $4,100. martinson expects to collect within one month 16 paid for the equipment purchased january 3 on account. 17 paid for newspaper advertising, $600. 18 received partial payment from customer on account, $2,000. 22 paid the water and electricity bills, $430. 29 received $2,600 cash for servicing the heating unit of a customer. 31 paid employee salary, $2,900. 31 declared and paid dividends of $1,800. requirements 1. record each transaction in the journal. key each transaction by date. explanations are not required. 2. post the transactions to the t-accounts, using transaction dates as posting references. label the ending balance of each account bal, as shown in the chapter. 3. prepare the trial balance of martinson services, inc., at january 31 of the current year. 4. mark martinson, the manager, asks you how much in total resources the business has to work with, how much it owes, and whether january was profitable (and by how much)?

In addition to having a bachelor's degree in accounting, a certification will increase a tax accountant's job opportunities and allow them to file reports with the

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