Maurice Tutor

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Teaching Since: May 2017
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  • MCS,PHD
    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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  • Professor
    Phoniex University
    Oct-2001 - Nov-2016

Category > Management Posted 31 Mar 2018 My Price 6.00

FM LLC

18.              On January 2 of the current year, Fenton and Myers form the FM LLC. Their contributions to the LLC are as follows:

 

 

Adjusted Basis

Fair Market Value

From Fenton: Cash

 

$  50,000

 

$  50,000

Accounts  receivable

–0–

90,000

Inventory

25,000

60,000

From Myers: Cash

 

200,000

 

200,000

 

Within 30 days of formation, FM collects the receivables and sells the inventory  for

$60,000 cash. How much income does FM recognize from these transactions, and what is its character?

 

Answers

Maurice Tutor
(5)
Status NEW Posted 31 Mar 2018 02:03 PM My Price 6.00

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