Multiple Problems

For Help with Multiple Homework Problems, Ask an Expert

Multiple Problems

# There is an assignment posted that is similar to the one I

Customer Question
am working on but I...
There is an assignment posted that is similar to the one I am working on but I do not understand some of the concepts.
The question was submitted two years ago.
I was never able to reach them, but some of the answers I did not understand how they were calculated.
1. 1) How much gain or loss do each of the partners and the partnership recognize on the
formation of the partnership? Alisa \$0, John \$0. Victoria recognizes \$100,000 ordinary income under IRC 83. Partnership \$0.
Why would Victoria recognize \$100,000 ordinary income. It seems Victoria contributed a receivable with a FMV of \$100,000. Does a contributing an unrecognized receivable trigger a gain that needs to be recognized by the partner?
2) What is each partner’s basis in his/her partnership interest? Alisa \$500,000. John (\$300,000-(50%*500,000 debt relief=))\$50,000. Victoria \$50,000.
I understand that Alisa's basis and John's basis, but here's where my understand goes south. If Victoria's basis is \$50,000 due to having to recognize 10% of the \$500,000 mortgage, then why doesn't Alisa's basis include her 40% of the mortgage?
Submitted: 1 year ago.Category: Multiple Problems
Show More
Show Less
8/7/2016
Business Tutor: F. Naz, B.Com replied 1 year ago
F. Naz, B.Com
Category: Multiple Problems
Satisfied Customers: 5,378
Experience: have completed B.Com and CA Finalist
Verified

Hello

This is your assignment question or practice question?

Customer reply replied 1 year ago
The assignment answers were posted for the exact assignment that I have, but I don't understand how the answers were calculated. Here is the assignment:Alisa, John and Victoria form the AJV general partnership. The initial contributions of each and their percentage interests in the capital and profits of the partnership are as follows:
John contributed land with a fair market value (“FMV”) of \$1,000,000 subject to a recourse mortgage of \$500,000. John’s adjusted basis in the land was \$300,000 at the date of contribution to the partnership. Therefore, the liability on the land exceeds the tax basis in the land.
Pursuant to Treasury Regulation Section 1.752-2, the partners share all partnership recourse liabilities (including the mortgage on the land) in accordance with their respective interests in the partnership. The partnership is a general partnership and has assumed the mortgage on the land, as such John has rights of contribution against his fellow partners under state law.
Prior to formation, Victoria had negotiated the lease commitment for her own benefit. Furthermore, Alisa has used the equipment in her business operated as a sole proprietorship. John has held the land for investment purposes.Here is the answer to the first 2 questions on the site:1) How much gain or loss do each of the partners and the partnership recognize on the
formation of the partnership? Alisa \$0, John \$0. Victoria recognizes \$100,000 ordinary income under IRC 83. Partnership \$0.
2) What is each partner’s basis in his/her partnership interest? Alisa \$500,000. John (\$300,000-(50%*500,000 debt relief=))\$50,000. Victoria \$50,000.I do not understand if Victoria is contributing a receivable in the amount of \$10,000 why she needs to recognize a gain at the formation of partnership. Also, if Victoria basis in question 2 is \$50,000 for absorbing 10% of the mortgage liability contributed by John, then why doesn't Alisa's basis answer recognize her 40% of the liability?
Customer reply replied 1 year ago
Victoria's contributed receivable is \$100,000 not \$10,000
Customer reply replied 1 year ago
I calculate \$0 gain or loss for all the partners and the partnership.In #2, I calculate Alisa's basis as \$500,000 + \$200,000 in assuming 40% of the \$500,000 liability totaling \$700,000. John's basis would be \$300,000 less 50% of the \$500,000 liability totaling \$50,000 basis. Victoria's basis would be 10% of the \$500,000 liability totaling \$50,000.
Business Tutor: F. Naz, B.Com replied 1 year ago

Hello

So you want to understand the calculation only and you have the answers already?

Customer reply replied 1 year ago
I need to know the correct answer and how it is calculated.
Business Tutor: F. Naz, B.Com replied 1 year ago

So you do not have correct answers? and you want me to provide you correct answers so you can use them in your assignment and get up grades?

Customer reply replied 1 year ago
what exactly did I pay for?
Customer reply replied 1 year ago
Never mind. Please refund the money that I paid.
Business Tutor: F. Naz, B.Com replied 1 year ago

You pay to take help not to use the solution of mine to use for your assignments, thanks.

Business Tutor: F. Naz, B.Com replied 1 year ago

I am opting out from this question so your question will be visible to other experts, thanks.

linda_us, Master's Degree
Category: Multiple Problems
Satisfied Customers: 1,402
1,402 Satisfied Customers
Experience: A tutor for Business, Finance, Accounts and other related topics.

linda_us is online now

A new question is answered every 9 seconds

• Ask an ExpertExperts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
• Get a Professional AnswerVia email, text message, or notification as you wait on our site. Ask follow up questions if you need to.

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

## What Customers are Saying:

Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help.

Mary C.Freshfield, Liverpool, UK

This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!!

AlexLos Angeles, CA

Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult.

GPHesperia, CA

I couldn't be more satisfied! This is the site I will always come to when I need a second opinion.

JustinKernersville, NC

Just let me say that this encounter has been entirely professional and most helpful. I liked that I could ask additional questions and get answered in a very short turn around.

EstherWoodstock, NY

Thank you so much for taking your time and knowledge to support my concerns. Not only did you answer my questions, you even took it a step further with replying with more pertinent information I needed to know.

RobinElkton, Maryland

He answered my question promptly and gave me accurate, detailed information. If all of your experts are half as good, you have a great thing going here.

DianeDallas, TX

< Previous | Next >

## Meet the Experts:

linda_us

Master's Degree

1,402 satisfied customers

A tutor for Business, Finance, Accounts and other related topics.

F. Naz

B.Com

5,378 satisfied customers

have completed B.Com and CA Finalist

Manal Elkhoshkhany

Bachelor's Degree

912 satisfied customers

Completed by BA degree in 1988 and graduated with a GPA of 4.0

Mr. Gregory White

Master's Degree

874 satisfied customers

M.A., M.S. Education / Educational Administration

Bizhelp

CPA

539 satisfied customers

BA degree and Certified Public Accountant

MyVirtualCPA

Master's Degree

155 satisfied customers

Dimitry K., Esq.

Doctoral Degree

39 satisfied customers

< Previous | Next >

Related Multiple Problems Questions
How much do you charger per question I have 50 questions,
How much do you charger per question I have 50 questions … read more
Steven, M.Acc.
Instructor
Master\u0027s Degree
252 satisfied customers
How i pay you. About that Questions
how i pay you JA: When we are ready I'll take you to the appropriate web page. Customer: ok JA: The Tutor can help you get an A on your homework or ace your next test. Tell us more about what you need… read more
F. Naz
B.Com
5,378 satisfied customers
I have a sauce Hobby it is trying to turn into a business I
I have a sauce Hobby it is trying to turn into a business I make a gourmet line of sauces hot sauces and such and I would like to know what I need to do to make my business official and successful in … read more
F. Naz
B.Com
5,378 satisfied customers
I have an assignment for Project Management that I need help
I have an assignment for Project Management that I need help with in order to make sure I understand the lesson. I will upload the chart with the project totals, but the questions it asks are below: 1… read more
F. Naz
B.Com
5,378 satisfied customers
For writer F. Naz. This assignment is due no later then
For writer F. Naz. This assignment is due no later then Monday 1/1/18. I have attached the assignment page and the rubric below. Please follow directions and show calculations for all problems and if … read more
F. Naz
B.Com
5,378 satisfied customers
Scenario: Person 1 - Owns (Owner) a property (Property)
Scenario: Person 1 - Owns (Owner) a property (Property) which is going to be a rental. Person 2 - Enters a lease-to-buy contract (Buyer) for the property held by the Owner. Buyer will not be living in… read more
PDtax
Owner
Master\u0027s Degree
1 satisfied customers
Need help with Project Manager course work. Specifically,
Need help with Project Manager course work. Specifically, WBS, parametric estimates and PERT charts.… read more
F. Naz
B.Com
5,378 satisfied customers
I have some several questions i could use some help with.
I have some several questions i could use some help with. … read more
F. Naz
B.Com
5,378 satisfied customers
This is your second interview with a prestigious brokerage
This is your second interview with a prestigious brokerage firm for a job as an equity analyst. You survived the morning interviews with the department manager and the vice president of equity. Everyt… read more
F. Naz
B.Com
5,378 satisfied customers
I need help on a finance assignment that is timed and online
I need help on a finance assignment that is timed and online - so would need phone assistance on it… read more
Barbara
Enrolled Agent, Paralegal
3,770 satisfied customers
How does this work? I have a final exam. 3 essay questions 2
3 essay questions 2 short annswer and 10 multiple choice need in 3 hours… read more
David L.
Bachelor\u0027s Degree
6 satisfied customers
Which of the following is not a characteristic of a tax? a.
Which of the following is not a characteristic of a tax? a. The payment to the governmental authority is required by law. b. The payment relates to the receipt of a specific benefit. c. The payment is… read more
Manal Elkhoshkhany
Bachelor's Degree
912 satisfied customers
A department store chain is planning to open a new store.
A department store chain is planning to open a new store. They need to decide how to allocate the 100,000 square feet of available floor space among seven departments. Data on expected performance of … read more
Stephen, MBA
Master's Degree
166 satisfied customers
Suppose that \$ 2000 is loaned at a rate of 12 %, compounded
Suppose that \$ 2000is loaned at a rate of 12 %, compounded quarterly. Assuming that no payments are made, find the amount owed after 4years.Do not round any intermediate computations, and round your a… read more
F. Naz
B.Com
5,378 satisfied customers
Stocks are evidence of __________ bonds are evidence of
Stocks are evidence of __________ bonds are evidence of _________. Select one: a. debt, ownership b. ownership, ownership c. debt, debt d. ownership, debt … read more
Manal Elkhoshkhany
Bachelor's Degree
912 satisfied customers
This assignment is due no later then wednesday 12/13 at 6pm.
This assignment is due no later then wednesday 12/13 at 6pm. This assignment is for a healthcare finance class. I have attached the questions and assignment page below. Please read the directions care… read more
F. Naz
B.Com
5,378 satisfied customers
I need a solution for this problem GeneralProducts Inc. is
i need a solution for this problem GeneralProducts Inc. is incorporated in Nevada, USA on Jan… GeneralProducts Inc. is incorporated in Nevada, USA on Jan 1st 2013 to take over a local retail chain. Th… read more
PDtax
Owner
Master\u0027s Degree
1 satisfied customers