Jane contributed property with a basis of $40,000 and a value of $50,000 to the JO Partnership in exchange for a 20% interest in partnership capital and profits. During the first year of partnership operations, JO had net taxable income of $30,000 and tax-exempt interest income of $10,000. The partnership distributed $10,000 cash to Jane. On January 1 of year 2, Jane sells her partnership interest for $49,000. What is Jane's gain or loss on the sale

Answers

Answer 1

Answer:

$11,000 gain.

Explanation:

Calculation to determine Jane's gain or loss on the sale

First step is to calculate her basis

Basis=$40,000 + [20% × ($30,000 + $10,000)] - $10,000

Basis=$40,000+$8,000-$10,000

Basis =$38,000

Now let calculate Jane's gain or loss on the sale

Gain or loss on the sale =Selling price of $49,000 - basis of $38,000

Gain or loss on the sale = $11,000 gain.

Therefore Jane's gain or loss on the sale will be $11,000 gain


Related Questions

Which of the following tips can hurt your cash flow? A. Increase your sales. B. Pay your bills early. C. Keep a cash reserve. D. Offer credit only to low risk borrowers. Please select the best answer from the choices provided A B C D

Answers

B. Pay your bills early.

Answer:

trust the wise one above ;)

Explanation:

Which of the following is not a valid FICO credit score?
A. 900
B. 600 C. 700
D. 800

Answers

Answer:

A. 900

Explanation:

FICO is an acronym for Fair Isaac Corporation, they create an accurate and reliable credit score of customers for use by lenders.

Basically, your FICO depends most on the amounts you owe and your payment history.

A credit score can be defined as a numerical expression between 300 - 850 that represents an individual's financial history and credit worthiness. Therefore, a credit score determines the ability of a borrower to obtain a loan from a lender.

This ultimately implies that, the higher your credit score, the higher and better it is to obtain a loan from a potential lender. A credit score ranging from 670 to 739 is considered to be a good credit score while a credit score of 740 to 799 is better and a credit score of 800 to 850 is considered to be excellent.

Hence, lenders look at the credit score of a loan applicant in order to ensure that the applicant is financially responsible and would be able to repay the loan at the agreed upon date.

In conclusion, a valid FICO credit score is between 300-850 i.e the maximum (highest) credit score is 850 and as such a credit score of 900 is invalid.

Interest rate differences between countries depend on Group of answer choices neither differences in expected inflation, nor on expected changes in the real exchange rate. differences in expected inflation, but not on expected changes in the real exchange rate. differences in expected inflation, and on expected changes in the real exchange rate. differences in expected changes in the real exchange rate, but not on expected inflation. differences in expected inflation and nothing else.

Answers

Answer:

Differences in expected inflation, and on expected changes in the real exchange rate.

Explanation:

Interest rate is the rate charged by a lender on monies borrowed

For example if 100 is borrowed, and the lender expects the borrower to pay 10 every month. The interest rate = (10/100) = 10%

According to the taylor equation

(1 + Nominal interest rate) = ( 1 + real interest rate) + (1 + inflation rate)

the higher the real interest rate and inflation rate, the higher the nominal interest rate

Real interest rate is interest rate less inflation rate

Nominal interest rate includes inflation rate

Is marketing hard? and it is stressful or can give you an anxiety?​

Answers

Answer:

yes yes yes yes yes

Explanation:

There is so much pressure and things at stake that sometimes you feel like everything's gonna go wrong.

define consumer protection agency​

Answers

Definition of Consumer Protection Agency (CPA)

CPA is the governmental regulatory authority entrusted with the protection of consumer rights and was established by virtue of the Consumer Protection Law No. 67 in 2006 and its Executive Regulations.

The stock of Canadian Ski Wear is currently trading at $45 a share and the equity beta of the company is estimated to be 1.3. The company is expected to pay a dividend of $1.50 a share next year, and this dividend is expected to grow at a rate of 4% per year. The rate on the 10-year U.S. Treasury bond is 4% and you estimate the market risk premium to be 5%. Using the dividend growth model, what is the company’s cost of equity?

Answers

Answer:

737383ujeheur8ieh3r8r8

A customer who buys a cup of coffee because they're feeling sleepy during the workday has experienced which of the following?

an internal stimulus

an external stimulus

an emotional appeal

a lexical appeal

Answers

I believe it’s internal stimulus because of learnt and instinctual behavior

Comfy Cozy Chairs makes and sells rockers. Each rocker requires $45 of direct materials and $37 of direct labor. Variable manufacturing overhead is $8 per unit, and fixed manufacturing overhead totals $58,000. Variable selling and administrative costs equal $15 per unit, and fixed selling and administrative costs total $102,000. During the period, 2,000 rockers were produced and 1,640 were sold. The unit product cost using absorption costing is ______. Multiple choice question. $105 $119 $90 $125

Answers

Answer:

Unitary production cost= $119

Explanation:

The absorption costing method includes all costs related to production, both fixed and variable. The unit product cost is calculated using direct material, direct labor, and total unitary manufacturing overhead.

Unitary fixed overhead= 58,000 / 2,000= $29 per unit

Now, the unitary absorption cost per unit:

Unitary production cost= 45 + 37 + 8 + 29

Unitary production cost= $119

What is the best way to be compensated for your work? And why
O Annual Salary
O Hourly Wages
Sales Commission
O There is no one BEST way to be compensated.

Answers

Annually salary because it is given at the end of the month of year.

Which of the following would normally fall under general education requirements at a college?
A. Literacy, natural sciences, social sciences, and physical education B. Music, physical education, world languages, and behavioral sciences
C. Math, music, physical education, and military history
D. Math, literacy, natural sciences, and social sciences​

Answers

Answer: D. Math, literacy, natural sciences, and social sciences​

Explanation:

General Education Requirements prepares students with the skills that are needed to enhance their employability and also help them in course of life. Some of these skills include oral and written communication, problem solving, critical thinking, etc.

Some of the subjects that would normally fall under general education requirements at college are Writing, Mathematics, Social science, Natural science, Global awareness, Diversity. etc.

which kind of crm fits into the category of web analytics

Answers

Answer:

im so confused

Explanation:

What company created the FICO score?

Answers

Answer:

FICO (legal name: Fair Isaac Corporation), originally F air, I saac and Co mpany, is a data analytics company based in San Jose, California focused on credit scoring services. It was founded by Bill Fair and Earl Isaac in 1956. Its FICO score, a measure of consumer credit risk, has become a fixture of consumer lending in the United States.

Explanation:

Fair Isaac Corporation

A manager’s responsibility to actively control risk factors for food borne illnesses is called

Answers

Answer:

A hazard analysis critical control point (HACCP)

Toxic materials, of an abnormally dangerous nature, were being transported by truck from a manufacturer's plant to a warehouse when some of the materials leaked from the truck onto the street a few miles from the plant. A driver lost control of his car when he hit the puddle of spilled toxic materials on the street, and he was injured when his car hit a stop sign. In an action for damages by the driver against the manufacturer based on strict liability, is the driver likely to prevail

Answers

Answer:

No, because the drivers injury did not result from the toxicity of the materials.

Explanation:

In the context, a strict liability in this situation will be based on abnormally dangerous nature of the toxic materials that the manufacturer produces. But the strict liability action is required that the risk which materializes to be the same risk which lead the courts to be label the event as 'abnormally dangerous' in its first place itself. In this situation, the toxicity of the materials is not the cause of the injury of the driver, the driver's only cause of action is his negligence while driving.

QUESTION 9 of 10: When naming a business, you should:

Answers

Think of a catchy slogan to go with it

Answer:

1. Search the name on the internet to and check for copyright.

2. Make something catchy that people will remember ( Like a alliteration).

3. Make a backup name (and maybe a backup backup name).

4. Get a sample of people to rate your name.

5. Make sure your personally happy with it.

What are 4 reasons why you should print, save, or make a copy of your job application???

Answers

Answer:

Be Prepared. Make sure you know the correct names, dates, places and other information you will need

Roger wants the human resources department to focus on attracting the right employees, measuring their progress toward corporate goals, and rewarding employees for achieving those goals. What is the department focusing on?

A.
talent management
B.
strategic human resources management
C.
succession planning
D.
external recruitment
E.
reemployment

Answers

C is the correct answer

How many different federal taxes are listed?

Answers

Answer:

There are two types of taxes namely, direct taxes and indirect taxes.

Explanation:

12 specific taxes, four within each main category—earn: individual income taxes, corporate income taxes, payroll taxes, and capital gains taxes; buy: sales taxes, gross receipts taxes, value-added taxes, and excise taxes; and own: property taxes, tangible personal property taxes, estate and inheritance taxes, and wealth taxes.

Answer:

2!

Explanation:

direct taxes and indirect taxes! hope this helps! plz mark as brainliest!

What is the term for a legally-binding document outlining the terms and conditions of a business transaction?

Answers

Answer:

A contract.

Explanation:



You make $18.50 per hour and work 40 hours

per week. You are paid once per month, and

pay 30% in taxes and deductions.

1. How much do you make per month after

taxes and deductions?

2. How much do you make per year after taxes

and deductions?

Answers

Answer:

Net earning per month = $2,072

Net earning per year = $26,936

Explanation:

Given:

Amount earn per hour = $18.50

Number of hour in a week = 40 hours

Taxes and deduction = 30% = 0.3

Find:

Net earning per month

Net earning per year

Computation:

Net earning per month = [Amount earn per hour][Number of hour in a week][Number of week in a month][1-Taxes and deduction]

Net earning per month = [18.50][40][4][1-03]

Net earning per month = $2,072

Net earning per year = [Amount earn per hour][Number of hour in a week][Number of week in a year][1-Taxes and deduction]

Net earning per year = [18.50][40][52][1-0.3]

Net earning per year = $26,936

give 2 or 3 reasons on why cheaper delivery is better

Answers

Answer: Because is cheap

2 Because is better and you save money

Explanation:

Answer:

It's 100% cheap, You don't have to worry about driving all the time, and It's better!

Explanation:

Read the thesis statement from a historical essay. Determine which type of claim the author is making (claim of fact, definition, policy, value, or cause and effect) and why the claim fits this designation. Finally, provide an example of the type of evidence the author should use to best support the claim. (4 points)

Washington, D.C., should not become the 51st state, because making our nation's capital a state provides no economic benefits, nor did the Founding Fathers intend for it to ever become a state.

Answers

Answer:

im not 100% but think this is right

Explanation:

the author is making a claim of fact, because he is claiming that  provides no economic benefits.  im not sure about the second part

cash receipts journals​

Answers

Answer: theyre handy!

Answer:

cool lol

Explanation:

Which statement is not true about the self-managed team approach?
1.These are work groups that supervise themselves
2.Some people do not have the skills to work in a self-managed team.
3.The team leader is not a team member.
4.Every team member learns from the other's job.

Answers

Answer:

3.The team leader is not a team member.

Explanation:

Given that a self-managed team is a type of team that has several employees whose roles are not limited to some specific responsibilities but also spread to other roles including the production of goods and services delivery.

Usually, the group plans and implement the plan themselves. Also, the team members work in synergy which makes them learn from one another including the team leader who is also part of the team.

Hence, in this case, the correct answer is "The team leader is not a team member."

Economics (FoolProof)

I should do my best to get a credit card from a company that will tell me both my interest rate and my credit limit before I commit to taking the card.

True or False

Answers

Answer:True

Explanation:

6. Simplify the following ratios:

12 cm: 1m​

Answers

Answer:

its already simplified.

Explanation:

Help me please.. there is no option on here for Human Resources principals, so I jus clicked business as the subject..

Answers

Answer:

A

Explanation:

Complete the following sentence.
can be caused by unemployment or lack of access to employment resources.

Answers

uhm financial crisis, poverty, homelessness, debt, etc...

Answer: poverty

Explanation:

Because the people abode said it was correct and I hope they were right because I need this answer lol.

7. Write at least two policies that a company could use to decide which customers to offer credit to. (1-2 sentences. 2.0 points)

Answers

Answer:

Competition tribunal

Competition commission

Explanation:

They protect the rights of the customers

those who are previous loyal or contact any business that has loyal costumers

goodluck:)

When participating in the
___________ ___________ ___________ students and FBLA Chapters
are able to compete with students and chapters ranked the best in the state in competitive events.
The election of State officers occurs at this event.

O National Leadership Conference

O Fall Leadership Conference

O State Leadership Conference

O Regional Leadership Conference

Answers

Answer:

At the National Leadership Conference

Explanation:

Other Questions
Please help me with this problem Ill give brainliest Finalize and submit your five-paragraph essay. Your essay must contain a minimum of two information sources obtained through research and one interview. Acknowledge your information sources with correctly formatted in-text citations, and include a correctly formatted works cited page. Make sure you have includedA strong introduction with a thesis and a hook.Reasons that support your argument.Counterclaims to strengthen your argument.Credible evidence to support both your argument and counterclaims.A conclusion that restates your claim and position and may include a call to action.In-text citations.A works cited page the product of two rational numbers is -12 if one of the number is -8 find the other what angle is this I need help Dichotomy means _____. Using the following data, calculate the mean absolute deviation: 7 2 8 5 9 9 5 6 8 1 What is the mean absolute deviation for these data? (4 points) Which angles!!! Need answers 40% of my grade please and thank you Which of the following types of assetsrepresents ownership interest in acorporation?(1) Options.(2) Futures.(3) Stocks.(4) Bonds. Between 1824, when Andrew Jackson narrowly lost his bid for the presidency, and 1832, when he was elected to his second term in office, U.S. politics underwent a process of reorganization and democratization. The following questions test your knowledge of this important period in antebellum America. The election of 1824 pitted five Republican candidates against one another for the presidency. Each candidate's sectional support brought regional issues to the fore and ended the Era of Good Feelings. This question concerns the election of 1824. What important political development was prompted by the election of 1824? Please HELPWhat are the four types of journalism? Explain the characteristics of each and give an example for each type.Choose one of the types of journalism and explain the advantages and disadvantages of this type. What can this type of journalism do to compensate for disadvantages?There are many different types of news. Which type do you consider to be the most important? What type is the least important? Explain your answers.Which job in journalism do you think has the most pressure? Explain what aspect of the job you think is the most challenging and why.One of the unique features of the United States is that it has a free and independent press. How does this make the United States different from other nations that do not have freedom of the press? please help. 15 points Why would an author chose to include flashbacks in a piece of writing?So that the story can be told through the dreams of a characterTo give hints about the back story that adds interest to the story and to a characterJust to keep people interested because dreams are always the inner consciousness of a characterBecause the author has to find a way to add any interest to a story The chihuahua turned out to be this creature! What is it called? The cost of 12 oranges and 7 apples is 5.36. Eight oranges and 5 apples cost 3.68. Find the cost of each What is the percent chance the offspring will be tall plants with yellow fruit? (2nd question) 1. Select all the equations that have no solution.a. +6=5+b. -2(3)=-2+6c. 44=3+2d. 4(+1)=3(+2)e. 53=-3+4 how do you come up with questions when finishing a story for kids(first I came up with) it is only 4 of them I have to come up with 1. what do you think of the book 2.3.4. 2) The equation y = 18x represents the relationship between 2, the number of hours biked, andy, the distance traveled,Which ordered pairs represent a number of hours and the correspondingdistance in the given equation? Choose ALL that apply.(2,36)(3,54)(5,23)(23,5)(36,2)(54,3) What inference can be drawn about mrs.auld in this excerpt Find the length of side x in simplest radical form with a rational denominator. 5. Outside of the distractions, do you think the Rolling Stones were larger than the Beatles? Pleasegive details|Yes