Tamara owns interest in two different entities: a partnership and an S-Corp. Her basis in the partnershipis $40,000. Her basis in the S-Corp is 23,250. Tamara is the sole owner of the S-Corp.a. Assume the partnership gives a current distribution to Tamara of $30,000 cash and land worth$20,000 (basis of $15,000). Determine the following:1. Basis of Tamara's Partnership Interest_2. Basis of Land to Tamarab. Independent of part (a), assume the partnership gives a liquidating distribution to Tamara of $30,000cash and two pieces of equipment. Equipment 1 is worth 3,000 (basis: 3,000) and equipment two isworth 2,000 (basis: 0). Compute the following:1. Basis of Tamara's Partnership Interest2. Basis of equipment 1 to Tama3. Basis of equipment 2 to Tamarac. Tamara received a cash distribution of $25,500 from her S-Corp. Corporate-level accounts at the endof the year were as follows.$9,00013,500AAAOAAAccumulated E & P900Fill out the following table to determine how Tamara's distribution will be taxed:AAAAEPOAAStock BasisDividendLTCGYear-endbalanceFrom AAAFrom E&PFrom OAARemainder ofdistributionEnding balance

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Answered: entities: a partnership and an S-Corp.…

entities: a partnership and an S-Corp. Her basis in the partnership is $40,000. Her basis in the S-Corp is 23,250. Tamara is the sole owner of the S-Corp.

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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need help understanding how to get part c.
Tamara owns interest in two different entities: a partnership and an S-Corp. Her basis in the partnership is $40,000. Her basis in the S-Corp is 23,250. Tamara is the sole owner of the S-Corp. Tamara received a cash distribution of $25,500 from her S-Corp. Corporate-level accounts at the end of the year were as follows. AAA $9,000OAA 13,500Accumulated E & P 900
Misha receives a proportionate current (nonliquidating) distribution when the basis of his 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 his basis in the distributed inventory and in the partnership interest following the distribution? a.$20,000 capital gain; $0 basis in inventory; $0 basis in partnership interest. b.$20,000 ordinary income; $0 basis in inventory; $20,000 basis in partnership interest. c.$0 gain or loss; $20,000 basis in inventory; $50,000 basis in partnership interest. d.$0 gain or loss; $10,000 basis in inventory; $0 basis in partnership interest.
Suby: accounting
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Lewis, Zapata, and Fowler share equally in net income and net losses. After the partnership sells all assets for cash, divides the losses on realization, and pays the liabilities, the balances in the capital accounts are as follows: Lewis, $34,000 Cr.; Zapata, $74,800 Cr.; Fowler, $21,800 Dr. Question Content Area a. What term is applied to the debit balance in Fowler's capital account? b. What is the amount of cash on hand?$fill in the blank 28030402ff86fa0_2 Question Content Area c. Journalize the transaction that must take place for Lewis and Zapata to receive cash in the liquidation process equal to their capital account balances. If an amount box does not require an entry, leave it blank. blank - Select - - Select - - Select - - Select -
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determine Julie's basis and return effects in her partnership interest.
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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 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's share of the total equity d. Determine the bonus resulting from Allison's equity of her contribution e. Make journal entries to rccord Allison's admission to the partnership
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