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Michelle is a 51% partner in wolf LLC, a general partnership. Her basis in the partnership...
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%...
FMV. Partner A wishes to sell her interest in a partnership to an outside individual. Her...
FMV. Partner A wishes to sell her interest in a partnership to an outside individual. Her adjusted basis at the date of disposition is $15,000. The partnership property is valued as follows: Book! Cash Basis 48,000 48.000 AR 36,000 Inventory 75,000 100,000 Land 50,000 80,000 Equipment 10,000 12,000 1. What is the realized gain on the sale? 2. What portion of the realized gain is ordinary income?
of disposition LAR Partner A wishes to sell her interest in a partnership to a outside...
of disposition LAR Partner A wishes to sell her interest in a partnership to a outside date individual. Her adjusted basis at the an of dism is $15ooo. The partnership Property is valued as follows: Book! FMV Cash 0 Inventory 75,000 Land 12,000 Equipment 10,000 sale? (realized Not recognized) 1. What is the realized gain on the 2. what portion of the realized gain is ordinary income? * Partner A and 3 others hold equal shares. 48.000 36,000 100,000 80,000...
Ten years ago, Dudley contributed land to the Prosperity LLC. His basis in the land was...
Ten years ago, Dudley contributed land to the Prosperity LLC. His basis in the land was $100,000. The fair market value at the contribution date was $115,000. This year, when the property's value was $200,000, the LLC distributed that property to partner Nicki. At that time, Dudley's basis in his LLC interest was $50,000 and Nicki's basis was $60,000. Assume that the partnership continues in existence and has no hot assets. What gain or loss is recognized as a result...
Partner Z of the XYZ partnership receives a liquidating distribution of the following: Basis FMV Cash...
Partner Z of the XYZ partnership receives a liquidating distribution of the following: Basis FMV Cash $40,000 $40,000 Inventory $30,000 $45,000 Unrealized receiv. $50,000 $45,000 1. Z’s basis in her partnership interest was $95,000. What is her gain or loss and the bases of the assets distributed to her? 2. Assume Z’s basis in her partnership interest was $130,000. What is her gain or loss and the bases of the assets distributed to her?Answer 1. There is no gain or...
Shauna is a 50 percent partner in the SH Partnership. Shauna sells one-half of her interest to Kara for $60,000 cash. Ju...
Shauna is a 50 percent partner in the SH Partnership. Shauna sells one-half of her interest to Kara for $60,000 cash. Just before the sale, Shauna's basis in her entire partnership interest is $150,000, including her $60,000 share of the partnership liabilities. SH's assets on the sale date are as follows: Assets Basis FMV Cash $80,000 $80,000 Inventory 60,000 $180,000 Land held for investment 160,000 100,000 Total $300,000 $360,000 What is the amount and character of Shauna's gain or loss...
Demarcus is a 50% partner in the DJ partnership. DJ has taxable income for the year...
Demarcus is a 50% partner in the DJ partnership. DJ has taxable income for the year of $200,000. Dernarcus received a $75,000 distribution from the partnership. What amount of income related to DJ must Demarcus recognize? $75,000 $100,000 $37,500 $200,000 Question 21 Corporations are permitted to deduct $3,000 in net capital losses annually. True False Jermaine owns all 200 shares of Peach Corporation stock valued at $50,000. Kenya, a new shareholder, receives 200 newly issued shares from Peach Corporation in...
Alex and Betty have agreed to form a cash-basis general partnership As of January 1, 20X4,...
Alex and Betty have agreed to form a
cash-basis general partnership
As of January 1,
20X4,
Alex contributed
$175,000 cash and an apartment complex valued at $2,578,000. Alex
purchased the complex on April 12, 20X1 for $1,850,000 and has been
operating the property as a sole proprietorship. The property is
subject to a recourse debt of $775,000 that is assumed by the
partnership.
Betty contributed
$1,080,000 cash and an apartment complex valued at $2,600,000 and
investment land valued at $425,000....
TAXATION
Paden, who is single and has been employed as an accountant for 27 years with Harper, Inc., lost his job due to company downsizing. His last day of employment is July 31, 2018, and Harper provides a $9,000 severance payment. The severance payments are based on an employee’s time of employment. During the year, Paden received a salary from Harper of $56,000. Harper also paid $8,500 of Paden’s medical insurance premiums. In May 2018, Paden, who had always wanted to...
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%...
FMV. Partner A wishes to sell her interest in a partnership to an outside individual. Her adjusted basis at the date of disposition is $15,000. The partnership property is valued as follows: Book! Cash Basis 48,000 48.000 AR 36,000 Inventory 75,000 100,000 Land 50,000 80,000 Equipment 10,000 12,000 1. What is the realized gain on the sale? 2. What portion of the realized gain is ordinary income?
of disposition LAR Partner A wishes to sell her interest in a partnership to a outside date individual. Her adjusted basis at the an of dism is $15ooo. The partnership Property is valued as follows: Book! FMV Cash 0 Inventory 75,000 Land 12,000 Equipment 10,000 sale? (realized Not recognized) 1. What is the realized gain on the 2. what portion of the realized gain is ordinary income? * Partner A and 3 others hold equal shares. 48.000 36,000 100,000 80,000...
Demarcus is a 50% partner in the DJ partnership. DJ has taxable income for the year of $200,000. Dernarcus received a $75,000 distribution from the partnership. What amount of income related to DJ must Demarcus recognize? $75,000 $100,000 $37,500 $200,000 Question 21 Corporations are permitted to deduct $3,000 in net capital losses annually. True False Jermaine owns all 200 shares of Peach Corporation stock valued at $50,000. Kenya, a new shareholder, receives 200 newly issued shares from Peach Corporation in...
Alex and Betty have agreed to form a
cash-basis general partnership
As of January 1,
20X4,
Alex contributed
$175,000 cash and an apartment complex valued at $2,578,000. Alex
purchased the complex on April 12, 20X1 for $1,850,000 and has been
operating the property as a sole proprietorship. The property is
subject to a recourse debt of $775,000 that is assumed by the
partnership.
Betty contributed
$1,080,000 cash and an apartment complex valued at $2,600,000 and
investment land valued at $425,000....
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