(Answered) An individual received a 70 capital interest in a general

Economics

An individual received a 70% capital interest in a general partnership by contributing the following:

Investment land purchased 10 years ago for $40,000 and valued at $60,000
A personal (nonbusiness) truck purchased nine months ago for $12,000 and valued at $10,000

The partnership obtains a $50,000 nonrecourse mortgage loan on the land. How much is this general partner's basis in the partnership after the contribution and loan?

A. $85,000

B. $87,000

C. $100,000

D. $102,000

View complete question

Business Economics, Economics

Category:- Business Economics
Reference No.:- M92588349
Price:- $10

Verified Expert

Priced at $20 Now at $10, Verified Solution

Have any Question?Write your Review or question?

Related Questions in Business Economics

Why are ideas of modernization cohn 107 and progress so

Why are ideas of "modernization" (cohn, 107) and "progress" so important to the post-World War II

Assume p 65 - 2q the cost per additional unit mc is zero

Assume P = 65 - 2Q. The cost per additional unit (MC) is zero for the first five units, and then $5 per unit after that. There are fixed costs of $50. Once the optimal level of output is determined, how much profit does ...

In your opinion if the government imposes unit sales tax ie

In your opinion, if the government imposes unit sales tax (i.e. $ tax per unit sold) on a product, will the market equilibrium change? Which one, demand or supply will shift? Increase or decrease? Will new tax cause "dis ...

In the summer of 2013 walt disney released the lone ranger

In the summer of 2013, Walt Disney released The Lone Ranger, starring Johnny Depp and produced by Jerry Bruckheimer. The film bombed at the box office: Worldwide, it earned about $245 million in revenue, well below the $ ...

1 lisa and david have been married for two years they have

1. Lisa and David have been married for two years. They have just decided that summer of 2020 should be spent in Switzerland. They figured out that in order to meet the cost of the entire vacation they would only have to ...

A company is considering producing a new product based on

A company is considering producing a new product. Based on past records, management believes that there is a 70 percent chance that the new product will be successful, and a 30 percent chance it will not be successful. M ...

A report claims that for the investment portfolios with a

A report claims that for the investment portfolios with a single stock had a standard deviation of 0.57, while the returns for portfolios with 31 stocks have a standard deviation of 0.325. Explain how the standard deviat ...

A student raises her hand in class and states i can legally

A student raises her hand in class and states, "I can legally copy any DVD I get from Netflix because Netflix purchased the DVD and the copyright only applies to the company who purchased the product." Explain whether th ...

Lucinda buys a new gaming system for 500 she receives

Lucinda buys a new gaming system for? $500. She receives consumer surplus of? $175 from the purchase. How much does Lucinda value her GPS? system?

How do bribery and corruption influence the economy

How do bribery and corruption influence the economy negatively? Answer and explain three major impacts.

4,153,160 Questions Asked
13,132 Experts
2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

Recent Questions

Ask Business Economics Expert