Jasmine is a 10% partner in Royals, LLP. Her outside basis in her partnership if $400. She receives $100 cash and Whiteacre (FMV $200; basis $250) in complete liquidation of her partnership interest. What are the tax consequences of the distribution to Jasmine?
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- Jasmine is a 10% partner in Royals, LLP. Her outside basis in her
partnership if $400. She receives $100 cash and Whiteacre (FMV $200; basis $250) in complete liquidation of her partnership interest. What are the tax consequences of the distribution to Jasmine?
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- Donna does not think she has an income tax problem but would like to discuss her situation with you just to make sure there is no unexpected tax liability. Base your suggestions on the following relevant financial information: a. Donnas share of the SAT Partnership income is 150,000, but none of the income can be distributed because the partnership needs the cash for operations. b. Donnas Social Security benefits totaled 8,400, but Donna loaned the cash received to her nephew. c. Donna assigned to a creditor the right to collect 1,200 of interest on some bonds she owned. d. Donna and her husband lived together in California until September, when they separated. Donna has heard rumors that her husband had substantial gambling winnings since they separated.Bonnie is married and has one child. She owns Bonnies Rib Joint, which produces a taxable income of approximately 120,000 per year. a. Assume that Bonnies taxable income is 40,000 without considering the income from the rib joint. How much tax will she pay on the 120,000 of income from the rib joint? b. You work for the firm that prepares Bonnies tax return. Bonnie has asked the partner for whom you work to advise her on how she might lower her taxes. The partner has assigned you this task. Draft a memorandum to the partner that contains at least two options Bonnie could use to lower her taxes. For each option, explain the calculations that support the tax savings from your recommendation.Dana and Larry are married and live in Texas. Dana earns a salary of $45,000 and Larry has $25,000 of rental income from his separate property. If Dana and Larry file separate tax returns, what amount of income must Larry report? $0 $22,500 $25,000 $47,500 None of the above
- Blaine, Cassie, and Kirstin are equal partners in the Maize Partnership. During the year, Maize incurs qualified dividends and a charitable contribution deduction. Explain how the following could happen. a. Blaine pays less tax than Cassie and Kirstin on his share of the qualified dividends. b. Cassie cannot deduct any of her share of the charitable contributions.Kelly is a 20% partner in KMJ, LLC. She receive a current distribution of $200 cash that reduces her interest in the partnership from 20% to 10%. Kelly’s outside basis in her partnership interest before the distribution is $100, which includes an allocation of $50 of partnership debt. After the distribution, her share of debt will be reduced to $25. What are the tax consequences of the distribution to Kelly?Kelly is a partner in the JK partnership. She materially participates. Her adjusted outside basis in the partnership is $80,000. Of this, $25,000 comes from nonrecourse debt. Her share of partnership losses from JK is $60,000, and she has passive income of $25,000 from other activities. What is the maximum amount of the losses from JK that she is able to deduct?
- Jenna began the year with a tax basis of $45,000 in her partnership interest. Her share of partnership debt was $16,000 at the beginning of the year and $19,000 at the end of the year. During the year, she was allocated $65, 000 of partnership ordinary business loss. - How much loss can flow through to Jenna (only consider the tax basis limitation)? Hint: use proper sequencing.Jacob is a member of WCC (an LLC taxed as partnership) Jacob was allocated $110,000 of business income from WCC for the year. Jacob's marginal income tax rate is 37 percent. The business allocation is subject to 2.9 percent of self employment tax ( Jacob has salary in excess of the wage base limitation) and 0.9 percent additional Medicare tax. a. What is the amount of tax Jacob will owe on the income allocation if the income is not qualified business income? b. What is the amount of tax Jacob will owe on the income allocation if the income is qualified business income and Jacob qualifies for the full QBI deduction?Sarah (single) is a 50 percent owner in Beehive LLC (taxed as a partnership). Sarah does not do any work for Beehive. Beehive LLC. reported $600,000 of taxable business income for the year (2020). Before considering her 50 percent business income allocation from Beehive and the self-employment tax deduction (if any), Sarah’s adjusted gross income is $150,000 (all employee salary). Answer the following questions for Sarah. a. Assuming the business income allocated to Sarah is qualified business income, what is Sarah’s deduction for qualified business income?