Cindy has a $4,000 basis in the partnership. She receives (if it does not say liquidating, it is a current distribution) property with a $4,500 basis and FMV of $6,000. What is her basis?
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Cindy has a $4,000 basis in the
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- Xavier and Yolanda have original investments of $55,000 and $90,300, respectively, in a partnership. The articles of partnership include the following provisions regarding the division of net income: interest on original investment at 20%; salary allowances of $28,000 and $30,500, respectively; and the remainder to be divided equally. How much of the net income of $118,500 is allocated to Xavier? O a. $39,000 O b. $28,000 O c. $54,470 O d. $65,3641. what is katrina's basis in each of the assets? 2. what is katrina's gain or loss if she sells all of the assets the next day Katrina is a one-third partner in the KYR partnership (calendar year-end). Katrina decides she wants to exit the partnership and she receives the following assets in the liquidating distribution. Katrina's basis in her partnership interest is $280,000. Basis FMV Cash 60,000 60,000 Inventory 50,000 90,000 Machinery 50,000 45,000 Land 40,000 105,00 Totals 200,000 300,000[The following information applies to the questions displayed below.]Cliff’s basis in his Aero Partnership interest is $16,900. Cliff receives a distribution of $29,400 cash from Aero in complete liquidation of his interest. Aero is an equal partnership with the following balance sheet: Tax Basis FMV Assets Cash $ 29,400 $ 29,400 Investment 16,900 16,900 Land 4,400 40,800 Totals $ 50,700 $ 87,100 Liabilities and capital Capital—Chris $ 16,900 Capital—Cliff $ 16,900 Capital—Cooper $ 16,900 Totals $ 50,700 Problem 21-57 Part b (Algo) b. If Aero has a §754 election in place, what is the amount of the special basis adjustment? please prvide correct solution
- c. Neil has a partnership basis of $100,000. He receives $40,000 of cash, inventory with a basis to the partnership of $30,000, and a capital asset with a partnership basis of $20,000. The inventory and capital asset have fair market values of $20,000 and $30,000, respectively. He will recognize no gain or loss of $fill in the blank 5f4d5d0af074052_2. The capital asset is allocated a basis of $fill in the blank 5f4d5d0af074052_3 and the inventory will have a basis of $fill in the blank 5f4d5d0af074052_4. d. Oscar has a partnership basis of $40,000. He receives a distribution of $10,000 of cash and an account receivable with a basis of $0 to the partnership (value is $15,000). He will recognize a of $fill in the blank 7faaeffda02801c_2.May, Jun, and Julie have partnership capital account balances of P225,000, P450,000 and P105,000, respectively. The income sharing ratio is May, 50%; Jun, 40%; and Julie, 10%. May desires to withdraw from the partnership and it is agreed that partnership assets of P195,000 will be used to pay May for her partnership interest. How much is the balance of Jun's capital account after May's withdrawal using the asset revaluation method?Andy has an outside basis in Canine Partnership of $520,000. The partnership distributes the following assets to Andy in a proportionate, non-liquidating distribution: Land (fair market value of $6000,000 and basis to partnership of $240,000 Cash of $100,000 Accounts receivable (fair market value of $200,000 and basis of $0) How much gain of loss will Canine Partnership recognize from this distribution?
- The VWXY Partnership owns the following assets on December 30 of the current year: E (Click the icon to view the assets.) i (Click the icon to view more information.) Requirement What are the tax consequences of the distribution to the partnership, Vicki, and the other partners? ..... Start by completing a Sec. 751 nonliquidating distribution analysis. (If a box is not used in the table or the balance is "0", leave the box empty; do not enter a zero. Round to the nearest dollar. Use a minus sign or parentheses in the Difference column if Vicki gave up her interest in a particular property.) Vicki's Vicki's Data Table Beginning Interest Before Interest After Нурpothetical Partnership Distribution Distribution Proportionate Actual Amount (1/4) (1/5) Distribution Distribution Difference Assets Partnership's Basis FMV Sec. 751 assets: Cash 60,000 $ 60,000 Receivables 44,000 72,000 120,000 Inventory Total Sec. 751 assets $ 132,000 $ 224,000 Total Non-Sec. 751 assets: Print Done Total…[The following information applies to the questions displayed below.] Bryce's basis in the Markit Partnership is $58,000. In a proportionate liquidating distribution, Bryce receives the following assets: Cash FMV Tax Basis $8,000 $8,000 Land A $20,000 $45,000 Land B $20,000 $25,000 (Do not round intermediate calculations. Round your answers to the nearest whole dollar amount.) b. What is Bryce's basis in the distributed assets? Basis Land A Land BJefferson has a capital balance of $65,000 and devotes full time to a partnership. Washington has a capital balance of $45,000 and devotes half time to the partnership. If no other information is available regarding distributions, how should net income be divided?
- The E.N.D. partnership has the following capital balances as of the end of the current year: Pineda 160,000 Adams 140,000 Fergie 130,000 Gomez 120,000 Answer each A. Assume that the partners and losses 3:3:2:2,respectively. Fergie retires and is paid 151,000 based on the terms of the orginal partnership agreement. If the Goodwill method is used;what is the capital of the remaining three partners? B. Assume that the partners share profit and losses 4:3:2:1, respectively. Peneda retires and is paid 305,000 based on the terms of the orginal partnership agreement. If the bonus method is used, what is the capital balance of the remaining three partners? (Do not round intermediate calculations. Round to the nearest amounts. A. Pineda capital Balance__________ Adams capital Balance__________ Gomez capital Balance__________ B. Pineda capital Balance__________ Adams capital Balance__________ Gomez capital Balance__________Jerry and Sherry own and operate a partnership. Jerry’s capital balance is $50,000 and Sherry’s is $55,000. Jerry and Sherry decided to admit a new partner, Allison, to their partnership. By the terms of their partnership agreement, Jerry and Sherry share income/loss equally. Allison intends to contribute $40,000 cash to receive a twenty-five percent interest in the partnership Required: a. Revalue the partnership assets b. Determine the total equity of the partnership after the new partner is admitted c. Determine the new partner share of the total equity d. Determine the bonus resulting from Allison’s equity of her contribution e. Make journal entries to record Allison’s admission to the partnership. Please solve sub-part e. Show Your Work:Misha receives a proportionate nonliquidating distribution when the basis of her partnership interest is $60,000. The distribution consists of $80,000 cash and inventory (adjusted basis to the partnership of $10,000, fair market value of $20,000). How much gain or loss does Misha recognize, and what is her basis in the distributed inventory and in her partnership interest following the distribution?
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