Answered step by step

Verified Expert Solution

Link Copied!

Question

1 Approved Answer

Posted on Sep 08, 2024

Van makes an investment in an LLC in 2017. Van's capital contributions to the LLC consisted of $30,000 cash and a building with an adjusted

Van makes an investment in an LLC in 2017. Van's capital contributions to the LLC consisted of $30,000 cash and a building with an adjusted basis of $70,000, subject to a nonrecourse liability (seller financing) of $20,000. Calculate the amount that Van has at-risk in the activity immediately after making the capital contributions. $

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

Mothers talk more about anger to their sons than to their daughters; they talk more about sadness to their daughters than to their sons. True or False

Answered: 1 week ago

Question

★★★★★

Jacobson Company issued $500,000 of 5-year, 8% bonds at 97 on January 1, 2012. The bonds pay interest twice a year. Instructions (a) (1) Prepare the journal entry to record the issuance of the bonds....

Answered: 1 week ago

Question

★★★★★

A review of the records of Mile Limited, a new company, disclosed the following year-endinformation:Manufacturing Overhead account: Debit balance of $872,000, which included $20,000 ofsales...

Answered: 1 week ago

Question

★★★★★

Discuss the impact of higher dividend taxes on the investment and the economy overall. Would you favor a higher level of taxation to fund the healthcare law expansion?

Answered: 1 week ago

Question

★★★★★

55.Recaud means a)A type of dish b)An alcohol store c)A type of serving bowl d)None of these 56.The chef De party responsible for vegetable preparations are a)Potagers b)Entremetier c)Charcutier...

Answered: 1 week ago

Question

★★★★★

Jan 2. AAA issued extra common stock and collected cash $10,000 Jan 5. AAA purchased an equipment on credit ($3,000) Jan 20. AAA pays back $3,000 in cash to the equipment seller Jan 21. AAA borrowed...

Answered: 1 week ago

Question

★★★★★

The following costs relate to management accounting information for Kite Co for April 20X8. (5 marks) Cost Employee time spent filling in purchase requisition Use of barcodes and scanners to record...

Answered: 1 week ago

Question

★★★★★

Benefits of borrowing. Wilson Motors is looking to expand its operations by adding a second manufacturing location. If it is successful, the company will make $410,000. If it fails, the company will...

Answered: 1 week ago

Question

★★★★★

Vaughn Corporation factors $275,100 of accounts receivable with Kathleen Battle Financing, Inc. on a with recourse basis. Kathleen Battle Financing will collect the receivables. The receivables...

Answered: 1 week ago

Previous Question Next Question