Tina and Betty formed a partnership. Tina received a 40 percent interest in the partnership in exchange for land with an adjusted basis to her of $60,000 and a fair market value of $80,000. Betty received a 60 percent interest in the partnership in exchange for $120,000 of cash. Three years after the date of contribution, the land contributed by Tina was sold by the partnership to an unrelated third party for $90,000. How much gain was required to be allocated to Tina as a result of the sale by the partnership? a. $4,000
b. $12,000
c. $24,000
d. $30,000
Answers (1)
Know the Answer?
Not Sure About the Answer?
Get an answer to your question ✅ “Tina and Betty formed a partnership. Tina received a 40 percent interest in the partnership in exchange for land with an adjusted basis to ...” in 📙 Business if there is no answer or all answers are wrong, use a search bar and try to find the answer among similar questions.
Search for Other Answers
You Might be Interested in
On march 12, klein company sold merchandise in the amount of $7,800 to babson company, with credit terms of 2/10, n/30. the cost of the items sold is $4,500. klein uses the perpetual inventory system and the gross method of accounting for sales.
Answers (1)
If the demand for product "a" is 50 units, how many units of component e will be needed?
Answers (1)
How can Pygmalion impact in your life
Answers (1)
Suppose that a computer software company controls the operating system market. Although the government knows that the price is higher than it would be in the presence of competition, it believes that such profits are crucial to incentivizing
Answers (1)
Rent controls force landlords to price apartments below the equilibrium price level. An immediate effect is a shortage (excess demand) of apartments, because the quantity of apartments demanded is greater than the quantity supplied at the regulated
Answers (1)
New Questions in Business
Run-of-the-Mills provides your marketing firm with the following dа ta: When the price of penguin patties decreases by 20%, the quantity of raskels sold decreases by 22% and the quantity of kipples sold increases by 7%.
Answers (1)
Colter Steel has $5,400,000 in assets. Temporary current assets $ 2,800,000 Permanent current assets 1,590,000 Fixed assets 1,010,000 Total assets $ 5,400,000 Short-term rates are 12 percent. Long-term rates are 17 percent.
Answers (1)
assume that your publicly traded company attempts to be completely transparent about its financial condition, and provides thorough information about its debt, sales, and earnings every quarters.
Answers (1)
A company has budgeted fixed overhead of $1.00 per hour at expected capacity of 5,000 units which has a standard quantity of 2 hours per unit. The company actually produces 5,200 units and incurred total overhead costs of $12,000.
Answers (1)
There are five different ways that we can measure legal (monetary) damages: 1) compensatory, 2) consequential, 3) nominal, 4) punitive, and 5) liquidated. Each of these attempts to estimate some aspect of injury caused by the breach of contract.
Answers (1)