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Steven, M.Acc.
Steven, M.Acc., Instructor
Category: Business and Finance Homework
Satisfied Customers: 756
Experience:  Instructor and accountant. Master's degree in Accounting.
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Need a little help with this assignment I do have to have it

Customer Question

Hi need a little help with this assignment I do have to have it turned in today 11/1/2015 by 11pm central time thank you in advance. Liz and John formed the equal LJ Partnership on January 1 of the current year. Liz contributed $80,000 of cash and land
with a fair market value of $90,000 and an adjusted basis of $75,000. John contributed equipment with a fair market value of $170,000 and an adjusted basis of $20,000. John had previously used the equipment in his sole proprietorship. How much gain or loss
will Liz, John, and the partnership realize? How much gain or loss will Liz, John, and the partnership recognize? What bases will Liz and John take in their partnership interests? What bases will LJ take in the assets it receives? Are there any differences
between inside and outside basis? Explain. How will the partnership depreciate any assets it receives from the partners? Requirements: Clearly identify the requirements being addressed. Show all calculations within the cells of an Excel spreadsheet. This means
that you must use formulas and links so that your thought process can be examined. Make good use of comments to convey your thought process as well. No hard coding of solutions is permitted. Submit a single MS Excel
Submitted: 1 year ago.
Category: Business and Finance Homework
Expert:  Mr. Gregory White replied 1 year ago.

Hello, my name is Greg.

I see this might be time sensitive.

Do you still need this answered?

Customer: replied 1 year ago.
please
Expert:  Mr. Gregory White replied 1 year ago.

After going through my resources, I do not have what is necessary to complete at this time.

I am opting out and opening up to the other professionals and messaging a couple who might be able to help.

Someone should be with you shortly.

Expert:  Steven, M.Acc. replied 1 year ago.

Hello!

First, I want to apologize for the other Expert not responding to you in a timely fashion.

I'd like to look into this question for you. Do you still need an answer?

Customer: replied 1 year ago.
please I have a test on Saturday over information and could use some help
Expert:  Steven, M.Acc. replied 1 year ago.

Okay, then. Let me see what I can do to help you!

Expert:  Steven, M.Acc. replied 1 year ago.

Good news! I was able to assist you with your assignment!

You may download your assignment at:

https://app.box.com/s/y095bt1dg5hmqck7w93qnvg4m0n0nqbg

Please let me know if you have any questions!

Expert:  Steven, M.Acc. replied 1 year ago.

Hello again!

Was my solution to your assignment acceptable to you?

Thanks!

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