Rashad contributes a machine having a basis of $30,000 and an FMV of $25,000 to a partnership in exchange for a 20% interest in partnership capital, profits, and losses. Prior to the contribution, the partnership had recourse liabilities of $20,000. The partnership assumes a $20,000 recourse liability that is owed by Rashad on the machine. Partners share the economic risk of loss from recourse liabilities in the same way they share partnership losses. Rashad's basis in his partnership interest is
A. $22,000.
B. $18,000.
C. $34,000.
D. $11,000.
Answer: B
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a. if the contingency has not been described already in the notes to the financial statements. b. if it possibly will become an actual liability and the exact amount is known. c. under no circumstances. d. if it probably will become an actual liability and the amount can be reasonably estimated.
The direct cause of market fragmentation is the large number of new technological products introduced annually
Indicate whether the statement is true or false
______ is ongoing education to improve knowledge and skills for present and future jobs.
A. Competency model B. Training C. Onboarding D. Employee development
Answer the following statements true (T) or false (F)
1. Employees of a textile factory located in the south requested a union representation election with over 90% signed authorization cards. Just hours before the election, employees began to receive anonymous phone calls threatening that if they voted "yes," they could forget ever being able to get a loan or another job in the community. Fearful for their financial futures, many employees cast "no" votes and the union lost the election. In such a case, the NLRB could declare the election results invalid and schedule a new election. 2. Supervisors and managers are not allowed to provide employees with facts, opinions, or personal experiences that might dissuade them from voting "yes" in a union election. 3. John, a retail store manager, is concerned about a union organizing attempt at his store. He decides to visit each of his employees at home to discuss the matter in an "informal" setting. John's actions are likely to be considered grounds for invalidating the election. 4. Discriminatory enforcement of no solicitation policies is considered illegal interference under the NLRA. 5. Under the NLRA, an employer has the right to enforce no solicitation policies on a case by case basis, at their own discretion. Therefore, it is their right to regularly allow employees to sell Girl Scout cookies or similar items while prohibiting a union from distributing informational literature.