« previous next »

Author Question: The general partner of a limited partnership may be a corporation. Indicate whether the statement ... (Read 38 times)

c0205847

  • Hero Member
  • *****
  • Posts: 531
on: Jun 24, 2018
The general partner of a limited partnership may be a corporation.
  Indicate whether the statement is true or false

Question 2

Compute the capital gain on the following: Selling price of property 200,000 Original purchase price 420,000 Selling expenses  14,000 Depreciation  20,000 Improvements  26,000


whitcassie

  • Sr. Member
  • ****
  • Posts: 298
Reply #1 on: Jun 24, 2018
Answer to Question 1

TRUE

Answer to Question 2

Selling price 200,000
Less selling expenses  14,000


Amount realized 186,000

Cost 420,000

Less depreciation  20,000

Plus improvements  26,000

Adjusted basis 426,000

Amount realized  Loss (226,000)

Result is a capital loss that can be taken off any capital gains.


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
« previous next »
 

Did you know?

The average person is easily confused by the terms pharmaceutics and pharmacology, thinking they are one and the same. Whereas pharmaceutics is the science of preparing and dispensing drugs (otherwise known as the science of pharmacy), pharmacology is the study of medications.

Did you know?

Today, nearly 8 out of 10 pregnant women living with HIV (about 1.1 million), receive antiretrovirals.

Did you know?

The Romans did not use numerals to indicate fractions but instead used words to indicate parts of a whole.

Did you know?

Chronic marijuana use can damage the white blood cells and reduce the immune system's ability to respond to disease by as much as 40%. Without a strong immune system, the body is vulnerable to all kinds of degenerative and infectious diseases.

Did you know?

Recent studies have shown that the number of medication errors increases in relation to the number of orders that are verified per pharmacist, per work shift.

GENERAL PRINCIPLES OF CELL COMMUNICATION GENERAL PRINCIPLES OF CELL COMMUNICATION
Examples of USP labels Source: Courtesy of Novartis Pharmaceuticals Corporation and Mallinckrodt Pha Examples of USP labels Source: Courtesy of Novartis Pharmaceuticals Corporation and Mallinckrodt Pha
General Andrew Jackson, on the horse, exhorts his men to throw back the advancing British; they succ General Andrew Jackson, on the horse, exhorts his men to throw back the advancing British; they succ
General structure of eukaryotic pre-rRNA transcription units General structure of eukaryotic pre-rRNA transcription units
The primary windings are inside the secondary windings on this General Motors coil. The primary windings are inside the secondary windings on this General Motors coil.
Since 1991, General Motors engines have been equipped with slightly (1/8 inch or 3 mm) longer spark ... Since 1991, General Motors engines have been equipped with slightly (1/8 inch or 3 mm) longer spark ...
Video: Monohybrid crosses

For a complete list of videos, visit our video library