Answered step by step

Verified Expert Solution

Link Copied!

Question

1 Approved Answer

Posted on Jul 31, 2024

On August 19 of the tax year, Devante contributed $9,500 for a 30% interest in the general partnership, Kicks and Tixs. The partnership took out

On August 19 of the tax year, Devante contributed $9,500 for a 30% interest in the general partnership, Kicks and Tixs. The partnership took out a loan for $29,000 on August 1. The partnership does not have any other liabilities. Devante's distributive share for the year was $6,300. What is his ending basis for the partnership?

1-$9,500

2- $15,800

3- $24,500

4- $44,800

Step by Step Solution

There are 3 Steps involved in it

Step: 1

Get Instant Access with AI-Powered Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

Step: 3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Students also viewed these Accounting questions

Question

In a time study conducted at a manufacturing plant, the length of time to complete a specified operation is measured for each of n = 40 workers. The mean and standard deviation are found to be 12.8...

Answered: 1 week ago

Question

★★★★★

Herman and Sons Law Offices opened on January 1, 2015. During the first year of business, the company had the following transactions: January 2: The owners invested $ 250,000 (the par value of the...

Answered: 1 week ago

Question

★★★★★

Lucido Products markets two computer games: Claimjumper and Makeover. A contribution format income statement for a recent month for the two games appears below: Sales Variable expenses Contribution...

Answered: 1 week ago

Question

★★★★★

Arnold and Mary are married. Mary works part - time only; her net income for the tax year 2 0 2 3 was $ 6 , 3 0 0 . What amount is Arnold able to claim for spousal tax credit? Note the full claimable...

Answered: 1 week ago

Question

★★★★★

With reference to the SIMUL8 environment, pls answer the following : A) When should you use more then one entry points ND when should you use more then one exit points in a simul8 model. Up to...

Answered: 1 week ago

Question

★★★★★

A cantilever beam ABCD is subjected to a linearly distributed load, with qo = 2 kN / m , two concentrated loads, F 1 = 1 0 kN at B and F 2 = 1 5 kN at D , and a point moment at B as shown in Figure 1...

Answered: 1 week ago

Question

★★★★★

When two or more companies are combined into a single entity. The goal is to create synergies between the companies involved. Given the pervasive use of information technology in today's business...

Answered: 1 week ago

Question

★★★★★

Write a reflective response (150 words or less, double-spaced). The writing task is how this article influences or is beneficial to your career goals and aspirations. The article...

Answered: 1 week ago

Question

★★★★★

This is an exponential density probability problem the general solution is attached below. A hard drive has a "decay" parameter of 1/30 since the expected life of the hard drive is 30 months. a)...

Answered: 1 week ago

Previous Question Next Question