Kris contributed property with a fmv of 90000 and a basis, Ask an Expert

Academics

Q. Pasha and Kris formed PK partnership on January 1 of the current year. Pasha contributed $10,000 cash. Kris contributed property with a FMV of $90,000 and a basis of $35,000. Pasha has a 10% interest in the partnership and Kris has a 90% interest. At the end of the year, PK had the following:

Ordinary income $25,000

Capital loss on sale of investment 800

Tax-exempt interest income 200

Non-deductible life insurance premiums paid on partners 500

Also, PK has the following liabilities as of the end of the year:

Recourse loan $ 10,000

Nonrecourse loan 5,000

What is Pasha's basis in the partnership as of December 31?

View complete question

Physics, Academics

Category:- Physics
Reference No.:- M9401556

Have any Question?Write your Review or question?

Related Questions in Physics

Question problem during a very quick stop a car decelerates

Question: Problem: During a very quick stop, a car decelerates at 7.2 m/s2. Assume the forward motion of the car corresponds to a positive direction for the rotation of the tires (and that they do not slip on the pavemen ...

Question part a what is the speed of light in ethyl alcohol

Question: Part A: What is the speed of light in ethyl alcohol (n = 1.36)? Part B: What is the speed of light in lucite (n = 1.50)? Part C: What is the speed of light in crown glass (n = 1.52)? The response must be typed, ...

Question an old-fashioned single-play vinyl record rotates

Question: An old-fashioned single-play vinyl record rotates on a turntable at 38.0rpm . What are (a) the angular velocity in rad/s and (b) the period of the motion? The response must be typed, single spaced, must be in t ...

Near the earths surface a compact car of total mass m is

Near the Earth's surface, a compact car of total mass M is driven on a large, revolving, horizontal, disk-shaped platform which itself rotates about its center at a fixed angular frequency ω. At t = 0, the driver leaves ...

Question an object is 30 cm in front of a converging lens

Question: An object is 30 cm in front of a converging lens with a focal length of 10 cm. Use ray tracing to determine the location of the image. What are the image characteristics: (i) upright or inverted, (ii) magnifica ...

Question the problem two stationary point charges 300nc and

Question: The problem: Two stationary point charges +3.00nC and +2.00nCare separated by a distance of 50.0cm. An electron is released fromrest at a point midway between the two charges and moves along theline connecting ...

Question 1rob was supposed to spend his two-week school

Question 1: Rob was supposed to spend his two-week school work experience at his local auto-repair shop. Unfortunately, his time on the job only lasted two days. On day two, Rob was asked to get the 1-liter air tool oil ...

Problem sophia exerts a steady 50-nnbsphorizontal force on

Problem: Sophia exerts a steady 50-N horizontal force on a 8.6-kg box resting on a lab bench. The box slides against a horizontal friction force of 27 N Part A Find the box acceleration. Express your answer to two signi ...

Question the position of a mass oscillating on a spring is

Question: The position of a mass oscillating on a spring is given by x = (6.6cm) cos[2Ït/(0.69s)]. Part A: What is the frequency of this motion? Express your answer using two significant figures. Part B: When is the mas ...

Question storm clouds build up large negative charges as

Question: Storm clouds build up large negative charges, as described in the chapter. The charges dwell in charge centers, regions of concentrated charge. Suppose a cloud has -25 C in a 1.0-km-diameter spherical charge ce ...

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 Physics Expert