Business, 13.12.2019 23:31 wiltseliz4800

Laurel contributed equipment worth $200,000, purchased 10 months ago for $250,000 cash and used in her sole proprietorship, to sand creek llc in exchange for a 15 percent profits and capital interest in the llc. laurel agreed to guarantee all $15,000 of sand creek’s accounts payable, but she did not guarantee any portion of the $100,000 nonrecourse mortgage securing sand creek’s office building. other than the accounts payable and mortgage, sand creek does not owe any debts to other creditors.

a. what is laurel’s initial tax basis in her llc interest?
b. laurel’s holding period in the partnership interest begins the day the llc interest is acquired. true or false? c. what is sand creek’s initial basis in the contributed property?
d. what is sand creek’s holding period in the contributed property?

Answers: 2

Show answers

Another question on Business

Business, 22.06.2019 16:50

In terms of the "great wheel of science", statistics are central to the research process (a) only between the hypothesis phase and the observation phase (b) only between the observation phase and the empirical generalization phase (c) only between the theory phase and the hypothesis phase (d) only between the empirical generalization phase and the theory phase

Answers: 1

Answer

Business, 23.06.2019 02:20

Suppose rebecca needs a dog sitter so that she can travel to her sister’s wedding. rebecca values dog sitting for the weekend at $200. susan is willing to dog sit for rebecca so long as she receives at least $175. rebecca and susan agree on a price of $185. suppose the government imposes a tax of $30 on dog sitting. the tax has made rebecca and susan worse off by a total of

Answers: 3

Answer

Business, 23.06.2019 03:10

Wisconsin snowmobile corp. is considering a switch to level production. cost efficiencies would occur under level production, and after tax costs would decline by $36,000, but inventory would increase by $300,000. wisconsin snowmobile would have to finance the extra inventory at a cost of 13.5 percent.a. determine the extra cost or savings of switching over to level production. should the company go ahead and switch to level production? b how low would interest rates need to fall before level production would be feasible?

Answers: 1

Answer

Business, 24.06.2019 00:30

In footnotes to its 2016 annual report, bancfirst corp. reported that held-to-maturity debt securities with an amortized cost of $4,365 thousand had an estimated fair value of $4,403 thousand. the balance sheet reported:

Answers: 2

Answer

You know the right answer?

Laurel contributed equipment worth $200,000, purchased 10 months ago for $250,000 cash and used in h...

Questions