In a citation for a case, the _____ reporter is always listed first and the citations that follow are theunofficial publications
Fill in the blanks with correct word
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On March 15, 20X9, Troy, Peter, and Sarah formed Picture Perfect General Partnership. This partnership was created to sell a variety of cameras, picture frames, and other photography accessories. The following items were contributed by each partner in exchange for a one-third capital and profits interest:Troy-cash of $3,000, inventory with an FMV and tax basis $5,000, and a building with an FMV of $8,000 and adjusted basis of $10,000. Additionally, the building is secured by a $10,000 mortgage.
Peter-cash of $5,000, accounts payable with an FMV and tax basis of $19,000, and land with an FMV and tax basis of $20,000. Sarah-cash of $2,000, accounts receivable with an FMV and tax basis of $1,000, and equipment with an FMV of $26,000 and adjusted basis of $4,000. Also, the equipment is secured by a $23,000 note payable. What is the partnership's inside basis in each asset? How much gain or loss must Picture Perfect recognize? Prepare Picture Perfect's balance sheet reflecting the partners' capital accounts on both a tax basis and 704(b)/FMV basis. What will be an ideal response?
Lisa is pondering the construction and operation of a home-based cattery. She expects it will cost $15,000 to construct and will have a lifespan of four years before it collapses due to faulty construction and ammonia rot
Cash flows during those four glorious years are estimated as follows: Year Inflow Outflow 1 7,000 3,000 2 8,000 3,300 3 9,000 3,600 4 10,000 3,900 If the interest rate is 5%, what is the present value of the cattery project? A) 2,756 B) 3,124 C) 2,983 D) 3,277
ABC corporation declares a $2 million dividend. It had issued 1 million shares of common stock
and 500 thousand shares of preferred stock. If preferred shares have a par value of $50 and a preferred dividend of 4 percent, what is the preferred dividend? A) $1,250,000 B) $200,000 C) $1,000,000 D) $2,000,000
Chad has calculated the sales volume at which his lemonade stand's costs equal revenue. Over dinner he announced to his family that he only needed to sell 50 glasses of lemonade at $5 per glass to cover all his costs (lumber and nails for the stand, lemons, sugar, etc.). Which important factor has Chad excluded from his analysis?
A. fixed and variable cost determination B. consumer demand C. target return pricing D. break-even analysis E. market share