Jay Bird is a partner in Soundview Partnership. The adjusted basis of his interest is $19,000, of which $15,000 represents his share of partnership liabilities. Jay's share of the partnership's unrealized receivables is $6,000. The partnership has no substantially appreciated inventory items. Jay sold his partnership interest for $28,000 cash plus $15,000 of his liability relief. What is the amount and character of his gain

Answers

Answer 1

Answer:

Ordinary income of $6,000; Capital gain of $18,000

Explanation:

Calculation to determine the amount and character of his gain

First step is to calculate the The total gain on the sale of his partnership

Using this formula

Total gain on the sale of his partnership = ( Cash + Relief of his share of liabilities -Basis )

Let plug in the formula

Total gain on the sale of his partnership=$28,000+$15,000+$19,000

Total gain on the sale of his partnership=$24,000

Now let determine the amount and character of his gain

The UNREALIZED RECEIVABLES amount of $6,000 will be the ORDINARY INCOME while the remaining amount of $18,000 Calculated as ($24,000-$6,000) will be the CAPITAL GAIN.

Therefore the amount and character of his gain will be: Ordinary income of $6,000; Capital gain of $18,000


Related Questions

Indicate whether each of the following is used in the calculation of the official poverty measure, the Supplemental Poverty Measure, or both. (2 points)
Official Poverty Measure
Supplemental Poverty Measure
Both
food costs
O
O
housing costs
o
O
o
utilities costs
o
O
о о
clothing costs
O
O

Answers

The Official Poverty Measure is used to estimate numbers of people unable to afford basic needs with little or no government assistance

The Supplemental Poverty Measure is used to measure the economic deprivation, that is, people having insufficient financial resources to achieve a specified standard of living.

The official poverty measure is based on cash resources while the Supplemental Poverty Measure is based on both cash and noncash benefits and subtracts necessary expenses.

The cost including food costs, housing costs, utilities costs and clothing costs are elements used in calculation of the Official poverty measure and Supplemental Poverty Measure.

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Answer:

Clothing Costs: Supplemental Poverty Measure
Food costs: Both
Housing costs: Supplemental Poverty Measure
Ultilities cost: Supplemental Poverty Measure

Explanation:
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Match the terms.

a. Initial Markup
b. Additional Markup
c. Markup cancellation
d. Markdown
e. Markdown cancellation

1. original amount of markup from cost to selling price
2. Increase in selling price subsequent to initial markup
3. Elimination of an additional markup.
4. Reduction in selling price below the original selling price
5. Elimination of a markdown

Answers

I could be completely wrong here but I believe just by breaking down the terms and some common sense... I THINK the answers match up. like a1, b2, c3, d4, e5. If I'm wrong I'm so sorry! But if i'm right I'd love a Brainliest...

Structural unemployment results when the number of jobs is insufficient for the number of workers. True False

Answers

Structural unemployment is a longer-lasting form of unemployment caused by fundamental shifts in an economy and exacerbated by extraneous factors such as technology, competition, and government policy. Structural unemployment occurs because workers lack the requisite job skills or live too far from regions where jobs are available and cannot move closer. Jobs are available, but there is a serious mismatch between what companies need and what workers can offer.

3. The study of economics is best described as a study of...
A. the factors that influence the stock and bond markets.
B. capitalism.
C. the choices made in producing goods and services.
D. coping with scarcity, and choices made as a result of scarcity in a society.

Answers

Answer:

Option D

Explanation:

The study of economics which can be best described as the understanding of coping with scarcity.It can be also defined as the choices which affect the result of scarcity in a common society

D. coping with scarcity, and choices made as a result of scarcity in a society.

EconomicsEconomics is a social science that studies how products and services are produced, distributed, and consumed. It investigates how individuals, businesses, governments, and nations make resource allocation decisions.The study of economics is best described as a study of D. coping with scarcity, and choices made as a result of scarcity in a society.

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Kevin works for a company which produces printers. A printer sells for $163. 95 and costs $48. 28 to produce. In one month, Kevin’s company sold 427 printers, earning a profit of 22,599. 9. How great were the company’s non-production overhead expenses, to the nearest dollar? a. $13,410 b. $20,616 c. $24,809 d. $26,792.

Answers

The company's non-production overhead expenses is  $26,792.

The first step is to determine the net profit from selling the printers.

Profit = (selling price - cost price) x number of printers sold

(163.95 - $48.28) x 427

= 115.67 x 427

= $49,391.09

The second cost is to determine the difference between the profit calculated above and the profit given in the question:

$49,391.09 - 22,599. 9 = $26,792

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One method used by some analysts to estimate the future value of a stock is the dividend growth model. This model would probably be most useful in the case of A) a small-cap stock B) a AAA corporate bond C) a preferred stock D) a large-cap stock

Answers

Answer:

I am sure that it is D. a large cap stock

Explanation:

Large cap stocks already have a positive growth sentiment and

based on how much dividends are paid out they can estimate the future

value of a stock.

Company Z understands that their business is at risk. How can they use step two in the
Decision Making Process to reach their end goal of increasing sales and customer satisfaction?

Answers

Company Z can use step two in the decision-making process to achieve its ultimate goal of increasing sales and customer satisfaction by gathering the relevant information about a decision.

Step two of the decision-making process corresponds to gathering relevant information after the decision has been identified. At this stage, internal and external work is necessary, analyzing the errors and successes related to a past decision.

Therefore, it is necessary for company Z to seek information from different sources, such as the results of previous decisions, studies, market research and consultancy, to ensure greater chances of a decision being effective.

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Can some people give me free adopt me pets? Just put in your user and I'll add u

Answers

Answer:

U can have my fly ride neon unicorn

Explanation:

4. Economists measure opportunity cost
A. only when it is on the margin.
B. as the best thing given up.
C. as the sum of all forgone opportunities.
D. as the same as marginal benefit.

Answers

Answer:

Option A is the correct answer.

What is working capital?

Answers

Answer:

Working capital, also called net working capital (NWC), represents the difference between a company’s current assets and current liabilities.

NWC is a measure of a company’s liquidity and short-term financial health.

A company has negative NWC if its ratio of current assets to liabilities is less than one.

Positive NWC indicates that a company can fund its current operations and invest in future activities and growth.

High NWC isn’t always a good thing. It might indicate that the business has too much inventory or is not investing its excess cash.

Explanation:

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Also have a great day and good luck in your studies!

answer:

the capital of a business which is used in it day-to-day trading operation, calculated as the current assets minus the current liabilities

A wholesale lending arrangement that permits a mortgage broker to originate, close, and fund a loan using a warehouse line of credit is called:

Answers

Answer:

table funding

Explanation:

You see an ad for a payday lender which ends with the tagline, “One payday loan is all it takes to get you back on track.” Does the data above support their advertising claim?

Answers

You see an ad for a payday lender which ends with the tagline, “One payday loan is all it takes to get you back on track.” Does the data above support their advertising claim? No, it does not support their advertising claim.

typical capital budgeting decisions include ______ decisions.

Answers

The answer is because

Typical capital budgeting decisions include equipment selection, cost reduction, and lease or buy decisions.

What is budgeting?

The process of making a spending plan is known as budgeting. Budget refers to this plan for spending money. Making this stimulus package enables you to estimate your financial situation in advance and decide whether we had enough resources to accomplish your goals. Simply adjusting your income and expenditures constitutes budgeting.

The procedure is examining the cash flows into and out of a project to ascertain whether the anticipated return reaches a predetermined standard. Net present value, payoff, and transit assessments are three of the main budgeting techniques. The economic viability of a capital spending can be ascertained using a number of budgetary control analysis techniques.

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if ford mustang costs $30,000 in the us and 40,000 pounds in the uk and the current exchange rate between pound and dollar is $1.2 per pound, then according to ppp pound is ______ and should ________.

Answers

Based on the information given, it can be deduced that according to ppp, pound is overvalued and should depreciate.

Purchasing power parity (PPP) simply means the idea that goods in a country will be the same cost in another country once their exchange rate is applied.

From the information given, since Ford Mustang costs $30,000 in the us and 40,000 pounds in the uk and the current exchange rate between pound and dollar is $1.2 per pound, then, pound is overvalued and should depreciate.

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One way a local community might regulate a shared and limited resource and reduce the tragedy of the commons is to:

Answers

Division of the resources into parcels as well as assigning them to individuals serves as a way that local community usually follow in regulations of shared as well limited resource.

limited resource serves as term used to describe that the quantities of available labor as well as  capital, land are finite.

In order to regulate these resources, the local community can divide the resources into parcel so it will be able to easy for allocation.

Another way is to assign this resources to individual one after the other.

Therefore, Division of the resources into parcels  one way to share the resources.

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1. Which of the following is INCORRECT?
Assets
Liabilities
Capital
$
$
$
i
ü.
18,270
9,340
15,160
12,230
5,290
3,120
6,380
1,390
12,980
6,220
7,780
10,840
111.
iv.

Answers

Answer:

HINDI KO PO GETPASYENSYA NA POKUNG SAAN UMAASA KAYO SASAGOT KO.

What is a line extension?

Answers

search it up and find the answer

Employers will be evaluating your attitude and communication skills during an interview. Please select the best answer from the choices provided T F.

Answers

It is true that the employers will be evaluating the attitude and communication skills of the job applicant during an interview

Basically, an interview is conducted by the recruiting firm to assess the various skills, behavior of the job applicant.

The communication skills, qualifications, attitude, tone, cultures, norms are all assessed, even though the applicant might be unaware of them.

In conclusion, it is true that the employers will be evaluating the attitude and communication skills of the job applicant during an interview.

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Answer:

True

Explanation:

Employers will be evaluating your attitude and communication skills during n interview.

Edg 2022

If the dollar amount of total return on your mutual fund is $165 and the original cost of your investment is $1,200, then what is your percentage of total return

Answers

Answer:

% 70

Explanation:

The President of PDQ Corporation buys PDQ shares in the open market. After holding them for 3 months fully paid, the President wishes to sell the shares. The shares can be sold:

Answers

There are different ways to share shares. The shares can be sold immediately.

In a sale of shares, a company's shareholders often sell the shares that is entitling ownership of the company to a specific buyer. In the transaction, all the rights and responsibilities that pertains to the ownership of shares are transferred to the buyer.

Note that as long as the 6-month holding period needed has fulfilled on the restricted shares, and therefore, when they are donated, the charity can sell the shares immediately. There is therefore no need for another 6-month holding period be taken again.

See full question below

The President of PDQ Corporation buys PDQ shares in the open market. After holding them for 3 months fully paid, the President wishes to sell the shares. The shares can be sold:

A. immediately

B. after holding the securities for an additional 3 months

C. after holding the securities for an additional 6 months

D. after holding the securities for an additional 1 year

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It is important for the salesperson to pay close attention to the buyer's interests during the need discovery phase to:

Answers

Based on business strategy, the salesperson needs to pay close attention to the buyer's interests during the need discovery phase to "uncover the dominant buying motives."

What is the Need Discovery Phase?

The need discovery phase is when firms or salespeople try to understand the motives of the consumers, their needs, and requirements.

As a salesperson, knowing why the buyer or consumer wants to buy a product will give you an edge to know how to market your products to the consumer.

Hence, in this case, it is concluded that the correct answer is "uncover the dominant buying motives."

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Which form of media advertising has seen the sharpest decline in the United States over the last 15 years

Answers

The form of media advertising that has seen the sharpest decline in the United States over the last 15 years is the Newspaper.

The Newspaper used to be very common in the past. It was the most common means of reaching the bigger audience. Apart from its use as a medium of carrying the happenings in the society, it also served as a means of advertising.

The decline in the use of the Newspaper today is partly due to the riser in the use of electronic media. People have moved on past the age of Newspaper. Most topics are now discussed electronically especially through the social media.

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Becca has $500 to open a checking account. She wants an account with the lowest fees. She writes about 12 checks per month and her employer has direct deposit. She plans to only use her bank's ATM four times a month. Bank Account Terms and Conditions Bank Account terms and conditions. Bank B is best for Becca. Which checking account would be best for Becca? Account A Account B Account C Account D.

Answers

People often have different types of account. The checking account that would be best for Becca is Account B

A checking account is known to be a type of bank account that gives room for customers to male quick and easy deposit and withdrawal of their money for daily transactions.

It often includes depositing a check that a person receive, taking out cash with your debit card or setting up direct deposit for your paychecks.

Looking at the Account B in the picture attached you will see that the option be is the best for Becca.

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Answer:

Account B

Explanation:

pro verified this trust

why do many people have a fraught relationship with money?

Answers

Answer:

They often put their wants before their needs

56. How do most states finance their capital budget?
a. sales or excise taxes
b. long-term borrowing or sale of bonds
c. income and property taxes
d. personal property or inheritance taxes

Answers

Long term borrowing!!
B long term borrowing or sale of bonds !!

Which technique is used to improve customer relationship management (CRM) systems by identifying, storing, and disseminating facts about how to perform tasks

Answers

Knowledge management is the technique that is used to improve customer relationship by storing and disseminating facts.

Knowledge management can be described as the use of different techniques to create and share knowledge in an organization.

It is a multiple approach way that organizations use to attain their objectives through the best use of knowledge.

It is very important to the organization because it helps to:

Increase efficiencyRaise productivityKeep critical information in  the organization.

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What is a product mix ?

Answers

Full set of products

If Kevin is currently insured under Leroux for his medical insurance under Plan A, how will the proposed changes affect his health care costs? a. Costs for regularly scheduled health care will go down, but Kevin may end up paying more if he finds himself seriously ill or injured. B. Costs for regularly scheduled health care will go up, but Kevin will probably pay less than he would have if he finds himself seriously ill or injured. C. Both the cost for regularly scheduled health care and the cost for emergency health care will go down, making the changes very good for Kevin. D. Both the cost for regularly scheduled health care and the cost for emergency health care would go up, contradicting the intentions of Leroux Insurance.

Answers

Considering the case, of Kelvin, if he currently insured under Leroux for his medical insurance under Plan A, then, Costs for regularly scheduled health care will go down, but Kevin may end up paying more if he finds himself seriously ill or injured.

What is health insurance?

Health insurance can be regarded as the type of insurance that cover hospital visits as well as prescription drugs and wellness care.

Most health insurance do cover some other range of services such as cosmetic procedures and beauty treatments.

Since, Kelvin is currently insured under Leroux, then Costs for regularly scheduled health care will go down.

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Answer:

A!!!!!!!

Explanation:

Just believe me I got this

When a special assessment is calculated, each parcel of real estate that will benefit from the improvement is

Answers

A special assessment is a charge for a public improvement that will provide a benefit to a real estate parcel. State law permits the use of special assessments to recoup the costs of a variety of City services. All revenues collected through an assessment can only be used on expenditures directly related to the public improvement.

what is the first thing you should do when you open an account

Answers

Answer : consider how much money you will add in your account and start saving up money

Explanation :

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