SWFT Corp Partner Estates Trusts
42nd Edition
ISBN: 9780357161548
Author: Raabe
Publisher: Cengage
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for each of following citations, identify the type of authority (Statutory, administrative, or judicial) and explain the citation.
1.111-1
IRC 469 (c)(7)(B)(i)
Rul 82-204, 1982-2 C.B. 192
Amdahl Corp., 108 TC 507 (1997)
PLR 9727004
Hills v. Comm’r, 50 AFTR2d 82-6070 (11th, 1982)
A. 20,000B. 21,625C. 23,250D. 24,875E. Answer not given
A) 18,936,040.93
B) 66,246,803.702
C) 73,533,952.109
D) 21,019,005.43
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- PARTNERSHIP DISSOLUTION M and N admits O as a new partner. The partnership statement of financial position immediately before the admission of C is shown below: Cash Accounts Receivable Inventory Total Assets 28,000 118,000 187,000 333,000 Accounts Payable M, Capital (70%) N, Capital (30%) Total Liabilities & Equity 65,000 172,000 96,000 333,000 The following adjustments are determined: a. The recoverable amount of the account receivable is P117,401. b. A P30,000 recovery of a previous write-down on the inventory should be recognized. c. Prepaid assets of P 4,600 and accrued liabilities of P 6,000 should be recognized. Case # 1:0 acquires half of N's interest for P 120,000. Case # 2: O invests P 81,250 cash to the partnership in exchange for a 25% interest. Case # 2, Scenario A: O's capital account is credited for the fair value of the 25% interest he acquired. For items 16-18, refer to Case #1 16. How much is the balance of M's capital account after O's admission? а. Р 191,600.70 b. Р…arrow_forward37. Choices: a. P7,092,000, P1,110,130, and P756,130 b. P9,616,000, P1,791,610, and P1,437,610 c. P9,616,000, P1,653,370, and P756,130 d. P9,104,000, P1,653,370, and P1,299,370arrow_forwardCan you provide the answer for the last one: The VAT Payable a.61,065 b. 69,815 c. 70,172 d. 74,496.46arrow_forward
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