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Chewbacka2020
20.07.2020 •
Business
Styling Shoes, LLC, filed its 20X8 Form 1065 on March 15, 20X9. Styling had three members with the following ownership interests and tax bases at the beginning of 20X8: (1) Jane, a member with a 25 percent profits and capital interest and a $8,500 outside basis, (2) Joe, a member with a 45 percent profits and capital interest and a $13,500 outside basis, and (3) Jack, a member with a 30 percent profits and capital interest and a $5,500 outside basis. The following items were reported on Styling's Schedule K for the year: ordinary income of $107,000, Section 1231 gain of $18,500, charitable contributions of $28,500, and tax-exempt income of $6,500. In addition, Styling received an additional bank loan of $15,500 during 20X8. What is Jane's tax basis after adjustment for her share of these items? A) 32,625.B) $36,250.C) $39,000.D) $64,250.
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Ответ:
Please see answers in explanation column
Explanation:
Given that,
Purchase price of land = $390,000
tear down cost old building = $33,500
Costs to fill and level lot = $47,000
Total cost of land = Purchase price of land +tear down cost on old building + Costs to fill and level lot
=$390,000 + $33,500+ $47,000
= $470,500
Therefore, the journal entry is as follows:
To record the costs of plant assets
Account titles and explanation Debit Credit
Land $470,500
Land improvements $87,800
Building/construction costs $1,452,200
To cash $2,010,500