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Question 30 of 75 On May 1, Melania contributed $7,000 and property, with an adjusted basis...
Question 18 of 76. O For the tax year, ABC partnership reported a 560,000 ordinary loss...
Question 18 of 76. O For the tax year, ABC partnership reported a 560,000 ordinary loss and a $30,000 increase in recourse liabilities for which the partners are liable. Anne, a 50% partner, had an adjusted basis of 20.000 at the beginning of the year. What is Anne's allowable loss and her adjusted basis In ADG at the end of the year? O Allowable loss: $19,000. Adjusted basis: $1,000 O Allowable loss: $20,000. Adjusted basis: $0. O Allowable loss: $34,000....
> Question 19 of 75. Hailie, Lauryn, and Camee formed HL&C, a general partnership, as equal...
> Question 19 of 75. Hailie, Lauryn, and Camee formed HL&C, a general partnership, as equal partners. Hailie contributed $55,000 cash. Lauryn contributed and property with an adjusted basis of $20,000 and a FMV of $35,000. Camee contributed property with an adjusted basis of $43,000 and a dia ntributed $55,000 cash. Lauryn contributed $25,000 cash 43000 and a FMV of $55,000. The partnership made $30,000 m ordinary income for the year and there were no cash or property distributions. what...
Clementine is a 12% partner of West Partnership. On May 12, 2018, Clementine receives a non-liquidating distribution of property with FMV of $20,000 (partnership's basis in the property is $18,00...
Clementine is a 12% partner of West Partnership. On May 12, 2018, Clementine receives a non-liquidating distribution of property with FMV of $20,000 (partnership's basis in the property is $18,000). Right before the distribution, Clementine's outside basis in West Partnership is $24,000, including her tax basis in capital of $14,000 and her share of partnership liabilities of $10,000. What is Clementine's basis in the property received? a $2,160 b $2,400 c $14,000 d $18,000 e $20,000
Clementine is a 12%...
30. Susan Moore contributed land with an adjusted basis of $500,000 and a fair market value...
30. Susan Moore contributed land with an adjusted basis of $500,000 and a fair market value of $800,000 to the Whirligig partnership in exchange for a 20 percent interest in the partnership. Susan held the land as a capital asset, and Whirligig also held the land as a capital asset. Three years after Susan transferred the land, Whirligig distributes the land to another partner when the land’s FMV is $1,000,000. What is Whirligig’s gain on the distribution, and what is...
Question 15 of 75. Dione is a general partner who owns 50% interest in Love First...
Question 15 of 75. Dione is a general partner who owns 50% interest in Love First Enterprises. Sammy is a limited partner who also owns 50%. The partnership has $50,000 in recourse liabilities and $20,000 in nonrecourse liabilities. What is Dione's total share of liabilities? O $35,000 O $45,000 O $60,000 O $70,000 Jaylan and Casper are equal partners in J&C Raccoon Hats. Jaylan contributed $12,000 and Casper contributed inventory with a FMV of $12,000 and an adjusted basis of...
Question by UI 10. What is the trust's basis of property, when the grantor's adjusted basis...
Question by UI 10. What is the trust's basis of property, when the grantor's adjusted basis (at the time of funding) in the property is $8,500 (FMV $17,000)? O $0 O $4,250 $8,500 $17,000
4). Andrew contributes property with a fair market value of $6,000,000 and an adjusted basis of...
4). Andrew contributes property with a fair market value of $6,000,000 and an adjusted basis of $2,000,000 to AP Partnership. Andrew shares in $3,000,000 of partnership debt under the liability sharing rules, giving him an initial adjusted basis for his partnership interest of $5,000,000. One month after the contribution, Andrew receives a cash distribution from the partnership of $3,000,000. Andrew would not have contributed the property if the partnership had not contractually obligated itself to make the distribution. Assume Andrew's...
ne per Distributions of money and the adjusted basis of other property distributed to the partner...
ne per Distributions of money and the adjusted basis of other property distributed to the partner Mark for follow up Question 30 of 75. Linda is a 50% partner in Deacon's Deli. She is to receive a guaranteed payment of $20.000. Wt the partnership's ordinar income before deducting the guaranteed payment is $70,000, what is Linda's distributive share of ordinary income? $15,000 $20,000 $25,000 $35,000 wrong iniest Mark for follow up uestion 31 of 75. son sold his interest in...
Nichole owns a 50% interest in partnership J&K. She contributed a computer system with a FMV...
Nichole owns a 50% interest in partnership J&K. She contributed a computer system with a FMV of $15,000 and an adjusted basis of $10,00U tU un partnership. Neither Nichole nor the partnership recognized any gain when the property was contributed. Which of the following is true regarding dhe partnership's basis in the computer system and Nichole's outside basis? O Partnership's basis in computer system - $10,000, Nichole's outside basis - increases by $10,000. Partnership's basis in computer system - $10,000,...
Mark for follow up Question 32 of 75. On a partner's Schedule K-1, Item L: O...
Mark for follow up Question 32 of 75. On a partner's Schedule K-1, Item L: O is required when Schedule B, line 4 is checked "yes." Is completed only when the partnership uses GAAP accounting. Shows any increase in the partner's account. Reports the partner's basis in the partnership. Mark for follow up 00 Question 33 of 75. On May 15, Issac contributed $5,500 for a 10% interest in the general partnership, Mac's Tools. The partnership took out a loan...
Question 18 of 76. O For the tax year, ABC partnership reported a 560,000 ordinary loss and a $30,000 increase in recourse liabilities for which the partners are liable. Anne, a 50% partner, had an adjusted basis of 20.000 at the beginning of the year. What is Anne's allowable loss and her adjusted basis In ADG at the end of the year? O Allowable loss: $19,000. Adjusted basis: $1,000 O Allowable loss: $20,000. Adjusted basis: $0. O Allowable loss: $34,000....
> Question 19 of 75. Hailie, Lauryn, and Camee formed HL&C, a general partnership, as equal partners. Hailie contributed $55,000 cash. Lauryn contributed and property with an adjusted basis of $20,000 and a FMV of $35,000. Camee contributed property with an adjusted basis of $43,000 and a dia ntributed $55,000 cash. Lauryn contributed $25,000 cash 43000 and a FMV of $55,000. The partnership made $30,000 m ordinary income for the year and there were no cash or property distributions. what...
Clementine is a 12% partner of West Partnership. On May 12, 2018, Clementine receives a non-liquidating distribution of property with FMV of $20,000 (partnership's basis in the property is $18,000). Right before the distribution, Clementine's outside basis in West Partnership is $24,000, including her tax basis in capital of $14,000 and her share of partnership liabilities of $10,000. What is Clementine's basis in the property received? a $2,160 b $2,400 c $14,000 d $18,000 e $20,000
Clementine is a 12%...
Question 15 of 75. Dione is a general partner who owns 50% interest in Love First Enterprises. Sammy is a limited partner who also owns 50%. The partnership has $50,000 in recourse liabilities and $20,000 in nonrecourse liabilities. What is Dione's total share of liabilities? O $35,000 O $45,000 O $60,000 O $70,000 Jaylan and Casper are equal partners in J&C Raccoon Hats. Jaylan contributed $12,000 and Casper contributed inventory with a FMV of $12,000 and an adjusted basis of...
Question by UI 10. What is the trust's basis of property, when the grantor's adjusted basis (at the time of funding) in the property is $8,500 (FMV $17,000)? O $0 O $4,250 $8,500 $17,000
4). Andrew contributes property with a fair market value of $6,000,000 and an adjusted basis of $2,000,000 to AP Partnership. Andrew shares in $3,000,000 of partnership debt under the liability sharing rules, giving him an initial adjusted basis for his partnership interest of $5,000,000. One month after the contribution, Andrew receives a cash distribution from the partnership of $3,000,000. Andrew would not have contributed the property if the partnership had not contractually obligated itself to make the distribution. Assume Andrew's...
ne per Distributions of money and the adjusted basis of other property distributed to the partner Mark for follow up Question 30 of 75. Linda is a 50% partner in Deacon's Deli. She is to receive a guaranteed payment of $20.000. Wt the partnership's ordinar income before deducting the guaranteed payment is $70,000, what is Linda's distributive share of ordinary income? $15,000 $20,000 $25,000 $35,000 wrong iniest Mark for follow up uestion 31 of 75. son sold his interest in...
Nichole owns a 50% interest in partnership J&K. She contributed a computer system with a FMV of $15,000 and an adjusted basis of $10,00U tU un partnership. Neither Nichole nor the partnership recognized any gain when the property was contributed. Which of the following is true regarding dhe partnership's basis in the computer system and Nichole's outside basis? O Partnership's basis in computer system - $10,000, Nichole's outside basis - increases by $10,000. Partnership's basis in computer system - $10,000,...
Mark for follow up Question 32 of 75. On a partner's Schedule K-1, Item L: O is required when Schedule B, line 4 is checked "yes." Is completed only when the partnership uses GAAP accounting. Shows any increase in the partner's account. Reports the partner's basis in the partnership. Mark for follow up 00 Question 33 of 75. On May 15, Issac contributed $5,500 for a 10% interest in the general partnership, Mac's Tools. The partnership took out a loan...
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