Homework Answers
The contributions are to capital accounts and so there is no gain to the partnership, the gain will be credited to capital accounts. Answer is a.
The answer is a. The amount of gain or ordinary income recognized by Rip and Dot respectively is not mentioned, only capital contributions are mentioned.
The basis of the property (excluding cash) to the partnership is $ 50000. Answer is c.
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USE THE FOLLOWING INFORMATION FOR QUESTIONS 1-4. Rip and Dot crested the RD Partnership. Rip contributed cash of $1...
10 Tim, Al, and Pat contributed assets to form the equal TAP Partnership. Tim contributed cash...
10 Tim, Al, and Pat contributed assets to form the equal TAP Partnership. Tim contributed cash of $40,000 and land with a basis of $80,000 (fair market value of $60,000). Al contributed cash of $60,000 and land with a basis of $50,000 (fair market value of $40,000). Pat contributed cash of $60,000 and a fully depreciated property ($0 basis) valued at $40,000. Which of the following tax treatments is not correct? a.Pat realizes a gain of $40,000 but recognizes $0...
Randolph is a 30% partner in the RD Partnership, On January 1/RD distributes $10,000 cash, inventory...
Randolph is a 30% partner in the RD Partnership, On January 1/RD distributes $10,000 cash, inventory with a fair value of $20,000 (inside basis of $15,000), and a parcel of land with a fair value of $10,000 (inside basis of $5,000) to Randolph in complete liquidation of his interest. RD has no liabilities at the date of the distribution. Randolph's basis in his RD partnership interest his is $37,000. What is Randolph's basis in the distributed inventory and land?
Randolph...
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...
JJG Partnership, a calendar year, cash-method partnership has been in existence since 2015. JJG's balance sheet...
JJG Partnership, a calendar year, cash-method partnership has been in existence since 2015. JJG's balance sheet as of June 30, 2018 is as follows: Basis Fair Market Value Cash $30,000 $30,000 Accounts Receivable -0- 30,000 Collectibles 20,000 32,000 Land 40,000 28,000 $90,000 $120,000 ======== ======== Capital, Jennie 30,000 40,000 Capital, Jeff 30,000 40,000 Capital, Greg 30,000 40,000 $90,000 $120,000 ======== ======== Jennie sells her partnership interest to Norm on June 30, 2018 for $50,000. On June 30, 2018, Jennie's basis...
John and Yi formed the X partnership on June 16, 20X6. They agreed to split profits...
John and Yi formed the X partnership on June 16, 20X6. They agreed to split profits and losses equally. John contributed $20,000 cash and Yi contributed a machine with a basis of $5,000 (fmy $50,000) subject to a mortgage of $30,000 on June 17, 20X6. Yi's holding period for the machine began on May 2, 20X4. 11. Yi's recognized gain is: a. $0 b. $10,000 c. $45,000 None of the above 12. Yi's basis for his partnership interest is: $5,000...
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...
Randolph is a 30 percent partner in the RD Partnership. On January 1, RD distributes $18,000...
Randolph is a 30 percent partner in the RD Partnership. On January 1, RD distributes $18,000 cash and inventory with a fair value of $42,400 (inside basis of $21,200) to Randolph in complete liquidation of his interest. RD has no liabilities at the date of the distribution. Randolph's basis in his RD Partnership interest is $41,650. What is the amount and character of Randolph's gain or loss on the distribution? Multiple Choice $0 gain or loss. $18,750 capital gain. $18,750...
4. At the beginning of the year, Poe’s capital account balance in the Resistance Partnership (in which Poe owns a 40% interest) was $200,000. During the year Poe contributed cash ($40,000) and propert...
4. At the beginning of the year, Poe’s capital account balance in the Resistance Partnership (in which Poe owns a 40% interest) was $200,000. During the year Poe contributed cash ($40,000) and property (basis $20,000, fair market value $30,000). Resistance reported ordinary income of $100,000 and tax-exempt income of $6,000. At the end of the year, the partnership distributed $6,000 of cash to Poe. On the K-1, the partnership shows that Poe had a $50,000 share of nonrecourse LLC debt...
Three individuals form the ABC partnership and each contribute the following to form the partnership: Cash:...
Three individuals form the ABC partnership and each contribute the following to form the partnership: Cash: $35,000.00 Future services to be rendered to the partnership worth: $350,000 Real property with a basis of $300,000.00 and a fair market value of $350,000.00. Tasks: What is each partner’s original basis in the partnership interest? What is the partnership’s basis in each partner’s contribution?
Partnership ABCD is an equal partnership between partners A, B, C, and D. It has the...
Partnership ABCD is an equal partnership between partners A, B, C, and D. It has the following assets: $30,000 in cash, inventory worth $40,000 in which the partnership has a basis of $20,000, and a capital asset worth $20,000 in which the partnership has a basis of $12,000. The partnership distributes $22,500 in cash to partner A in liquidation of A’s interest in the partnership when A has a basis of $15,500. What are the tax consequences? A. Partner A...
Randolph is a 30% partner in the RD Partnership, On January 1/RD distributes $10,000 cash, inventory with a fair value of $20,000 (inside basis of $15,000), and a parcel of land with a fair value of $10,000 (inside basis of $5,000) to Randolph in complete liquidation of his interest. RD has no liabilities at the date of the distribution. Randolph's basis in his RD partnership interest his is $37,000. What is Randolph's basis in the distributed inventory and land?
Randolph...
John and Yi formed the X partnership on June 16, 20X6. They agreed to split profits and losses equally. John contributed $20,000 cash and Yi contributed a machine with a basis of $5,000 (fmy $50,000) subject to a mortgage of $30,000 on June 17, 20X6. Yi's holding period for the machine began on May 2, 20X4. 11. Yi's recognized gain is: a. $0 b. $10,000 c. $45,000 None of the above 12. Yi's basis for his partnership interest is: $5,000...
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