Laurel contributed equipment worth $200,000, purchased 10 months ago for $250,000 cash and used in her sole proprietorship, to Sand Creek LLC in exchange for a 15 percent profits and capital interest in the LLC. Laurel agreed to guarantee all $15,000 of Sand Creek’s accounts payable, but she did not guarantee any portion of the $100,000 nonrecourse mortgage securing Sand Creek’s office building. Other than the accounts payable and mortgage, Sand Creek does not owe any debts to other creditors.a. What is Laurel’s initial tax basis in her LLC interest?

b. Laurel’s holding period in the partnership interest begins the day the LLC interest is acquired. True or False?c. What is Sand Creek’s initial basis in the contributed property?

d. What is Sand Creek’s holding period in the contributed property?

Answers

Answer 1

Answer: See explanation

Explanation:

a. What is Laurel’s initial tax basis in her LLC interest?

This will be the addition of the $250,000 basis for the equipment, accounts payable of $15,000 and also the $15,000 (15% × $100,000). This will be:

= $250,000 + $15,000 + $15,000

= $280,000

b. True.

Laurel’s holding period in the partnership interest begins the day the LLC interest is acquired. This is due to the fact that the asset contributed isn't a section 1232 asset. The reason for this is due to the fact that the asset was used for a year or less.

c. Sand Creek’s initial basis in the contributed property is $250,000.

d. Ten months.

Sand Creek’s holding period in the contributed property will be 10 months.


Related Questions

If two events are both mutually exclusive and collectively exhaustive what is the probability that one or the other occurs?

Answers

If two events are both mutually exclusive and collectively exhaustive, the probability that one or the other occurs is 1.

This is because mutually exclusive events cannot occur at the same time, and collectively exhaustive events cover all possible outcomes. Therefore, the probability of one or the other occurring is the sum of their individual probabilities, which is 1.

The formula and probability

In mathematical terms, if event A and event B are mutually exclusive and collectively exhaustive, then P(A or B) = P(A) + P(B) = 1.

Here is the formula:

P(A or B) = P(A) + P(B) - P(A and B)

Since events A and B are mutually exclusive, P(A and B) = 0, so the formula simplifies to:

P(A or B) = P(A) + P(B)

And since events A and B are collectively exhaustive, P(A) + P(B) = 1, so the formula simplifies to:

P(A or B) = 1

Therefore, the probability that one or the other occurs is 1.

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What are 4 reasons why you should print, save, or make a copy of your job application???

Answers

Answer:

Be Prepared. Make sure you know the correct names, dates, places and other information you will need

Ruth is conducting a marketing/sales event. She indicates that attendees are welcome to take a promotional item if they wish, even if they do not enroll. The value of all giveaways does not exceed $15 per person. Did Ruth violate any marketing/sales event guidelines

Answers

Ruth does not violate any marketing or sales event guidelines.

Marketing or sales event guidelines refer to the rules and regulations implemented to ensure an ethical and professional level of conducting business. Such guidelines may also provide certain rules that one must adhere to, to ensure nothing is done illegally.

Guidelines are given or made as Code of Ethics wherein each company or have their own set of rules to be followed by the employees.  In the given scenario, Ruth is conducting a marketing or sales event that involves giveaways. In her case, the giveaway is a promotional item below $15 per person. Per the guidelines, Ruth is allowed to let the attendees take the promotional item as long as the nominal retail value does not exceed $15 per person.

Providing a promotional item during a marketing/sales event is legal and allowed as long as the item or service provided does not exceed the $15 per person. Thus, Ruth does not violate any event guidelines.

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Ruth is conducting a marketing/sales event. She indicates that attendees are welcome to take a promotional

Which factors can affect a stock's price? Check all that apply.
RE
market performance
the company's financial health
the quantity products produced
location of the company
the economy

Answers

I have no idea haha but how’s your guys day going

How can I become rich???

Answers

Explanation:

1, Don’t focus on a job, use the income from your job to invest to create different forms of income

2, Fastest way to get rich is to form a business

that's it :)

You can start a side business or go into a trade they are really high in demand because nobody wants to do them

What is the relationship between data life cycle and data analysis process how are the two processes similar?

Answers

Data analysis is concerned with the use of tools to transform information and data life cycle is concerned with making informed decisions.

To find relevant information, aid inference, and in decision making, data analytics is the process of analyzing, cleaning, manipulating, and modeling data. Data analytics is used in several areas of business, science, and the social sciences and has many facets and methodologies. It includes many different techniques and has many different names.

Data mining is a specific type of data analysis that focuses on knowledge discovery and statistical modeling for predictive rather than purely descriptive purposes. Business intelligence refers to data analysis that is mainly based on aggregation and is mainly concerned with business information.

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Which type of advertising does a business use to enhance its image in the market and society?

Through (BLANK) advertising, businesses try to enhance their reputation in the market as well as society.

Answers

Answer:

Public relations

Explanation:

Public relations are the efforts of a company to create good relations between itself and society. It uses the media to relay positive messages about the company to society. Public relations is about creating a goods reputation for the company in the eyes of the community.

In public relations, a company engages in activities that promotes its image in society. It may sponsor sports events,  engage in charity work, or partner with the community in other social activities. When such activities are highlighted in the media, they create a good reputation for the company.

Answer:

Public relations

Explanation:

Which of the following government agencies regulates financial markets? a. osha b. the irs c. the faa d. the ots

Answers

OTS is an agreement in which a defaulting borrower agrees to pay a portion of their debt, it regulates Financial markets.

What exactly is this OTS?

OTS is an agreement in which a defaulting borrower agrees to pay a portion of their debt in order to prevent banks from pursuing legal action against them.

Financial markets are regulated by OTS government agencies.

Therefore, option d. explains the OTS.

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Answer:

D

Explanation:

a national ice cream chain asked its 30 highest paid employees to take a 15% pay cut. doing this, in response to the recent sales decline, meant no store closures and no downsizing. this could be characterized as the approach to ethical dilemmas.

Answers

Utilitarianism could be characterized as the approach to ethical dilemmas.

Why is utilitarianism important?

The utilitarian philosophy has significant ramifications for how we ought to approach living an ethical life. Utilitarianism assumes that we should make helping others a very important aspect of our life since it values everyone's well-being equally.

An ethical theory known as utilitarianism establishes right from wrong by emphasizing results. It embodies consequentialism in some way. According to utilitarianism, the decision that will result in the greatest good for the largest number of people is the most morally right one.

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The Financials section of the Business Model Template consists of three boxes. The boxes are titled ________.

Answers

Answer:

revenue streams, cost structure, and financing/funding

Explanation:

what is meant by recession

Answers

Answer:

Spatial recession in paintings is the relationship between objects which appear to lie near to the observer and those which seem further away, and thus recede into space. ...

Explanation:

what are some ways you can make tax season a little easier?

Answers

It will be less stressful the earlier you begin. Collect all of your tax-related documents, such as W-forms, receipts, and bank statements.

What is Tax?

A tax is a mandatory financial charge or another sort of levy that is placed on a taxpayer (an individual or legal entity) by a governing body to pay for government expenses and other public expenditures (regional, municipal, or federal), the right amount of tax at the right time, as well as obtaining the proper tax allowances and tax reliefs, are all aspects of tax compliance, which also pertains to policy initiatives and individual behavior.Economically speaking, taxation transfers money from individuals or companies to the government.This can either have positive (known as the fiscal multiplier) or negative (known as the fiscal multiplier) consequences on economic growth and economic wellbeing (known as excess burden of taxation).

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In which tab can you find features like New Slide, Slide Layout, and Reset Slide?

Answers

Answer:

in a techniol up coming

PLEASE HELP IM TIIMMMEEDD!!! 13POINTS!!
What else could Ernie put in the common section?

Collecting data and analyzing results
Designing and implementing systems
Maintaining and using diagnostic equipment
Designing and using laboratory equipment

PLEASE HELP IM TIIMMMEEDD!!! 13POINTS!!What else could Ernie put in the common section?Collecting data

Answers

In addition to "Creating reports" and "Communicating with patients", Ernie could add "Collecting data and analyzing results" as a common characteristic in the common section of the Venn diagram. (Option A)


What is a venn diagram?

A Venn diagram is a famous diagram form that depicts the logical relationship between sets. It was popularized by John Venn in the 1880s.

The diagrams are used in probability, logic, statistics, linguistics, and computer science to teach introductory set theory and to show simple set connections.

Thus, in the above analysis, Ernie could add "Collecting data and analyzing results" as a common characteristic in the common section of the Venn diagram.

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kyle knows that his spring break travel packages are the best deal on campus. he also knows his competitor is sloppy, often waiting until the last minute to provide the needed tickets and documents to students buying his island packages. kyle wants to develop an advertising message that emphasizes the key benefits he provides. he will develop a(n) blank appeal.

Answers

The complete statement is "kyle knows that his spring break travel packages are the best deal on campus. he also knows his competitor is sloppy, often waiting until the last minute to provide the needed tickets and documents to students buying his island packages. kyle wants to develop an advertising message that emphasizes the key benefits he provides. he will develop a(n) Informational appeal." Option E

What is Informational appeal.?

Generally, In marketing and advertising literature, informational appeals, also known as functional or rational appeals, are direct methods of persuasion that present the benefits of a product in terms of its quality, performance, or value.

These types of appeals make use of rational, logical arguments or factual evidence to directly convince the target audience.

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CQ

kyle knows that his spring break travel packages are the best deal on campus. he also knows his competitor is sloppy, often waiting until the last minute to provide the needed tickets and documents to students buying his island packages. kyle wants to develop an advertising message that emphasizes the key benefits he provides. he will develop a(n) blank appeal.

a. niche marketing

b. emotional

c. institutional

d. reminder

e. Informational


Last week Sarah Carver worked 4 overtime hours at time-and-a-half pay. Her
regular pay rate is $8.70 per hour. What was her overtime
pay for the week

Answers

Answer:

34.80

Explanation:

8.70 times 4 is 34.80

Answer:

69.60

Explanation:

8.70 x0.5 = 17.4

17.4 is time and a half rate

17.4 x 4 = 69.60

4 is the hours she worked.

When a nation is in a period of rapid industrialization, private
consumption often increases as a percent of GDP.
True
False

Answers

The given statement "When a nation is in a period of rapid industrialization, private consumption often increases as a percent of GDP." is FALSE.

During a period of rapid industrialization, private consumption as a percentage of GDP typically decreases rather than increases. This is because industrialization involves the shift from an agrarian or traditional economy to a more industrial and manufacturing-based economy.

As a result, resources and investments are directed towards capital-intensive industries, infrastructure development, and technological advancements.

During this process, a significant portion of the nation's GDP growth comes from increased investment, capital formation, and exports rather than private consumption. Industrialization often leads to improvements in productivity, higher wages, and a rise in the standard of living.

However, the initial stages of industrialization often require a higher proportion of resources to be allocated towards infrastructure development, capital accumulation, and technological advancements rather than individual consumption.

As a result, private consumption as a percentage of GDP tends to decrease during rapid industrialization, while investment and export sectors experience growth.

Over time, as the economy matures and industrialization stabilizes, private consumption may increase as a proportion of GDP due to rising incomes and a more diversified economy.

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T/F: adam smith is the person who actually organized american business as we know it today.

Answers

The statement is false. Adam Smith is not the person who actually organized American business as we know it today. Adam Smith is a Scottish moral philosopher who lived in the 18th century and is regarded as the father of modern economics.

He was born on June 5, 1723, and died on July 17, 1790. He was the author of two major works, The Theory of Moral Sentiments (1759) and An Inquiry into the Nature and Causes of the Wealth of Nations (1776). The nature and causes of the wealth of nations is a phrase that refers to the explanation of how a country's wealth is generated. Adam Smith coined this phrase to explain his belief that a country's wealth is generated by the productive capacity of its citizens.

Adam Smith's theory has influenced the development of capitalist economies worldwide. Smith's most famous work, The Wealth of Nations, is widely regarded as the foundation of modern economic thought, and his ideas have been embraced by many countries, including the United States. However, Smith is not the person who actually organized American business as we know it today. Therefore, the statement "Adam Smith is the person who actually organized American business as we know it today" is False.

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WILL GIVE BRAINLY!!!!!!!!

A shift in demand may occur within a community in all of the following cases, except a change in __________.

A. birthrate
B. immigration
C. political leadership
D. age demographic

Answers

Answer:

C. political leadership

Explanation:

A shift in the demand curve occurs in many cases except for a change in political leadership.

What do you mean by demand?

Demand refers to the ability, or willingness to buy a product, goods, or services.

A change in birthrate, immigration, and age demographic are the reasons for shifting in demand but a change in political leadership does not affect the demand.

Therefore, C is the correct option.

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If you know a brand so well that you use its trademark name to describe all similar products, you are
exhibiting...
A. Brand Awareness
B. Brand Loyalty
C. Promotion Awareness
D. Promotion Susceptibility

Answers

Answer:

I think It's A. and C. or D. but I really think it's D. actually .

For companies with large amounts of fixed manufacturing overhead, total manufacturing overhead costs tend to:

Answers

Generally, companies that has large amounts of fixed manufacturing overhead tends to have a total manufacturing overhead costs that remain constant from one period to the next

What are overhead costs?

In accounting , an overhead costs refers to expenses that are required to run the business including cost like rent, insurance, utilities etc

In conclusion, the companies that has large amounts of fixed manufacturing overhead tends to have a total manufacturing overhead costs that remain constant from one period to the next.

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Answer:

remain fairly constant

Explanation:

Which of the following is not an example of a responsibility center?
A. Cost center.
B. Revenue center.
C. Profit center.
D. Investment center.
E. Contribution center.

Answers

The correct answer is E. Contribution center. A responsibility center is a unit or department within an organization that is accountable for specific functions, activities, or results.

It is used to measure the performance of a unit or department and to allocate resources effectively. Cost center, revenue center, profit center, and investment center are all examples of responsibility centers because they are accountable for specific functions or activities. A cost center is responsible for controlling costs, a revenue center is responsible for generating revenue, a profit center is responsible for both generating revenue and controlling costs to generate profits, and an investment center is responsible for generating profits from investments. A contribution center, on the other hand, is not a commonly used term in management accounting or finance. Therefore, it is not an example of a responsibility center. In conclusion, The answer is E.

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S.O.S. soap pads were advertised on television for many years. When the company discontinued advertising, sales slowly began to decline and consumers gradually forgot the brand name. This illustrates the concept of:
A) decay effects
B) wear out effects
C) carryover effects
D) threshold effects

Answers

When the company discontinued advertising, sales slowly began to decline and consumers gradually forgot the brand name. This illustrates the concept of carryover effects

Carryover effects is the concept illustrated in this scenario. Carryover effects refer to the impact of previous advertising on consumer attitudes and behavior that persists even after advertising has stopped. In this case, the company's previous advertising efforts created brand awareness and a positive association with the product, which helped to sustain sales even after advertising stopped. However, over time, without continued advertising efforts, the positive carryover effects gradually wore off, and sales began to decline.

Decay effects refer to the gradual weakening of the impact of advertising over time, as consumers forget or lose interest in the advertised product. Wear out effects occur when repeated exposure to the same advertising message leads to a decrease in its effectiveness. Threshold effects refer to the minimum level of advertising needed to achieve a significant impact on consumer behavior.

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Select all that apply.

Careers in the Arts, Audio/Video Technology, & Communications Career Cluster include:

news anchor
soldier
ballet dancer
recording artist

Answers

Answer:

Mechanics, arts

Explanation:

last year a firm had an average inventory of $1,500,000 and the cost of goods sold was $3,750,000. what was the days-of-supply last year?

Answers

The days-of-supply last year Inventory turn - Cost of goods sold Average inventory =$3,750,000/$1,500,000=2.5

What is average inventory?
An estimation of the value or quantity of a specific good or group of goods over two as well as more specified time periods is known as average inventory. By averaging the beginning and ending inventory values over a given time period, average inventory is indeed the mean value of inventory over that time period, which may differ from the median value of the identical data set. The value of all the products that are in stock and ready to be sold, as well as all the raw materials used to make those products, is known as inventory. Since it enables them to better manage one‘s overall business throughout terms of sales, costs, as well as relationships with their suppliers, successful inventory management is an important focus for businesses.

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What is suggestive selling? Have you experienced an example of this? If so, describe the experience. Why do restaurants use suggestive selling?

Answers

Answer:

Explanation:

Suggestive selling is when someone recommends a better version of the product which you are purchasing or even recommends another totally different product that may suit your individual needs better. Almost everyone has experienced this in some capacity before. For example, any time you go to a fast-food chain they always ask if you would like to increase the size of your order (super-size) for a small additional fee. This is suggestive up-selling, and companies do this because they make additional profit from these items that they are suggesting.

Your new health insurance has a $4000 deductible. What does that mean?

Answers

What the other Person said because yes

Americans eat some 9 billion chickens a year but not the feet. But thanks to the huge demand in​ china, chicken feet are now a huge profit center. Perdue sells some​ $40 million of the otherwise valueless​ by-product to china annually. This is an example of​ ________ pricing.

Answers

Perdue sells some​ $40 million of the otherwise valueless​ by-product to china annually. This is an example of​ demand pricing.

What is meant by demand pricing?

The cost that consumers are prepared to pay for goods and services when a specific quantity or volume is offered: The amount produced often rises when the demand price exceeds the supply price.

First, it can assist you in raising margins in line with rising demand. By boosting the likelihood that certain of your fixed inventory, such as airline tickets, will still be available when the departure date draws near, it can also help you maintain superior customer service.

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Storm windows company understated their ending inventory during their first year of operations by $2,000. What is the effect of this error at the end of the year? select all answers which apply.

Answers

The  effect of this error at the end of the year is:Understatement of net income $2000 and Overstatement of costs of goods sold  $2000.

Effect of this error at the end of the year

Since the company understated their ending  inventory during their first year by the amount of $2,000. The effect of the ending inventory that was understated will be:

Understatement of net income of the amount of $2000 Overstatement of costs of goods sold  of the amount of $2000

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A type of investment that gives a person a share of ownership in a company
is a
A. savings account
O B. bond
O c. stock
O D. hedge fund

Answers

The answer is C-stock I think

A type of investment that gives a person a share of ownership in a company is a stock. Thus, option (c) is correct.

What is a stock?

A stock is a type of investment that gives a person a share of ownership in a company. When a person buys a stock, they become a partial owner of the company and are entitled to a portion of the company's profits.

Stocks are traded on the stock market, and their prices can fluctuate depending on a variety of factors, such as the company's performance, investor sentiment, and overall market conditions. Stocks are important because they provide investors with the potential to earn returns on their investments, and they provide companies with capital to fund their operations and growth.

Therefore, it can be concluded that a type of investment that gives a person a share of ownership in a company is a stock. Hence, option (c) is correct.

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ommittee of sponsoring organizations refers to policies and procedures that support the cultural issues such as integrity, ethical values, competence, philosophy, and operating style? The vice president who served under George W. Bush during both terms in office wasa. Tom Delay.b. Newt Gingrich.c. Richard Cheney.d. Donald Rumsfeld. Which of the following has the ability to cause motion and create change? Energy Space Sound Mass Which of the following is NOT considered an accrued expense account ? Select one : A. Rent Expense B. Salaries Expense C. Interest Expense D. Depreciation Expense . What is the place value of the 3 in the number 2.703? 3 0.03 0.3 0.003 HERRY IM TIMED I WILL GIVE which of the following are requirements for the correction of an accounting error? (select all that apply). Restate previous years' financial statements that are incorrect. | Prepare a journal entry to correct the error. | Disclose the nature of the error and the impact of the error on net income. Rounding to the nearest ten, which twonumbers round to 40?4836413249 Consider that you have to move data over long distances using the internet across countries or continents to your amazon s3 bucket. Which method or service will you use for this purpose?. If an if-else statement is true, it will include which kinds of results? the nurse is providing education about excellent food sources of vitamin a for a client who is deficient in this vitamin. which foods would the nurse include in the teaching? select all that apply. one, some, or all responses may be correct. Two antibiotics are available as treatment for a common ear infection in children. Antibiotic A is known to effectively cure the infection 60 percent of the time. Antibiotic B is known to effectively cure the infection 90 percent of the time. The antibiotics work independently of one another. Both antibiotics can be safely administered to children. A health insurance company intends to recommend one of the following two plans of treatment for children with this ear infection. Plan I: Treat with antibiotic A first. If it is not effective, then treat with antibiotic B. Plan II: Treat with antibiotic B first. If it is not effective, then treat with antibiotic A. (a) If a doctor treats a child with an ear infection using plan I, what is the probability that the child will be cured? (b) If a doctor treats a child with an ear infection using plan II, what is the probability that the child will be cured? Channels of distribution make distribution easier by performing all of the following functions EXCEPT:a. accumulationb. allocation RATIONALE: Breaking bulk is the process of breaking large shipments of similar products into smaller, more usable lots.c. storaged. sorting oute. production which of the following sets of conditions is true for an exothermic reaction that is spontaneous at all temperatures? Consider the following integral. eu du (4 - 842 1 Find a substitution to rewrite the integrand as dx X = dx = 1) ou du Evaluate the given integral. (Use C for the constant of integration.) In his argument for God, William Paley uses the analogy ofa. a large ball found in the woods.b. the information found in the DNA molecule.c. a watch found upon the ground.d. a perfect island. 128. An organization that plans to change its strategy should allocate funds for training. True False The act of giving up one thing of value to gain another thing of value is called a/an When might it be okay to tell a lie? Describe the situation(s) when it could occur. If you feel it is never okay to lie, explain why. Use specific examples. At least 5 complete sentences! what line is perpendicular to the equation y equals negative 1/4 x - 6 and passes through the point -3, 4 Can someone please right this in a different way Answers will vary.If there was no friction and neither skier tries to slow down, both skiers will theoretically be going the same speed at the bottom. With friction, Amanda will be going faster.