please answer within 30 minutes. make sure you answer both the parts of the question else i will give negative ratings. Berdine has a basis of $79,000 in her partnership interest and receives land with an adjusted basis to the partnership of $189,600 intermination of her interest. Assume the partnership holds no hot assets and the entire payment is a § 736(b) payment with the taxtreatment determined under the proportionate liquidating distribution rules.а.What is Berdine's basis in the distributed land?b. If an optional § 754 adjustment-to-basis election is in effect, by what amount does the partnership adjust the basis of its remainingproperty?If that adjustment is allocated to depreciable property, to whom does the partnership allocate the resulting depreciation deductions? A partnership in which a parent transferred a 40% interest by gift to a child generated a profit of $287,500. Capital is a material income-producing factor. The parent performed services valued at $86,250. The child performed no services.How much income is allocated to the parent for services and for use of capital?Compensation for services: $Use of capital: $In addition, $of income allocated to the child.

A partnership in which a parent transferred a 40% interest by gift to a child generated a profit of $287,500. Capital is a material income- producing factor. The parent performed services valued at $86,250. The child performed no services. How much income is allocated to the parent for services and for use of capital? Compensation for services: $ Use of capital: In addition, of income allocated to the child.

A partnership in which a parent transferred a 40% interest by gift to a child generated a profit of $287,500. Capital is a material income- producing factor. The parent performed services valued at $86,250. The child performed no services. How much income is allocated to the parent for services and for use of capital? Compensation for services: $ Use of capital: In addition, of income allocated to the child.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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