Business, 12.06.2021 03:30 tcarston9884

Sean, Pete, Tom, and Mark formed a partnership to start a water damage restoration business. Each partner has a 25% interest, and all debt and profits are shared equally among the partners. Sean contributed cash of $20,000 and property with a FMV of $130,000, a basis of $80,000, and a mortgage of $50,000. Pete contributed services. Tom contributed cash of $50,000 and property with a FMV of $60,000, a basis of $40,000, and debt of $10,000. Mark contributed cash of $25,000 and property with a FMV of $95,000, a basis of $85,000, and debt of $20,000. All debt was assumed by the partnership. Which partner has a basis in partnership interest of $95,000

Answers: 3

Show answers

Another question on Business

Business, 21.06.2019 15:00

He cornerstone of arsoac, the is organized into four like battalions and provides nighttime, all-weather, medium range insertion, extraction, and resupply capability in hostile or denied areas.

Answers: 2

Answer

Business, 21.06.2019 20:20

Molander corporation is a distributor of a sun umbrella used at resort hotels. data concerning the next month’s budget appear below: selling price per unit $ 29 variable expense per unit $ 14 fixed expense per month $ 12,450 unit sales per month 980 required: 1. what is the company’s margin of safety? (do not round intermediate calculations.) 2. what is the company’s margin of safety as a percentage of its sales? (round your percentage answer to 2 decimal places (i.e. 0.1234 should be entered as 12.

Answers: 3

Answer

Business, 22.06.2019 00:00

Which statement about the cost of the options is true? she would save $1,000 by choosing option b. she would save $5,650 by choosing option a. she would save $11,200 by choosing option b. she would save $11,300 by choosing option a.

Answers: 2

Answer

Business, 22.06.2019 06:30

"in my opinion, we ought to stop making our own drums and accept that outside supplier's offer," said wim niewindt, managing director of antilles refining, n.v., of aruba. "at a price of $21 per drum, we would be paying $4.70 less than it costs us to manufacture the drums in our own plant. since we use 70,000 drums a year, that would be an annual cost savings of $329,000." antilles refining's current cost to manufacture one drum is given below (based on 70,000 drums per year):

Answers: 1

Answer

You know the right answer?

Sean, Pete, Tom, and Mark formed a partnership to start a water damage restoration business. Each pa...

Questions