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?Mickey, Don, and Derek are equal (1/3rd) partners in River Avenue, LLC. Mickey’s outside basis in his partnership interest is $250. River Avenue’s balance sheet (include FMV) is below. What are the tax consequences to Mickey if he sells his interest to Roger for $500 cash + debt assumption? How much of the gain/loss is ordinary and how much is capital? *Assume that River Avenue originally purchased the machinery for $120 (i.e., accumulated depreciation = $65), and that $120 of depreciation has been taken on the building since its acquisition five years ago* Assets FMV Book Tax Debt Book Tax Cash 240 240 240 Recourse 150 150 A/R 60 75 75 Inventory 150 90 90 Capital Machinery 100 55 55 Mickey 200 200 Building 500 200 200 Don 200 200 Stock 300 90 90 Derek 200 200 Goodwill 300 0 0
- 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.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?
- could you please show me the steps for how to calculate Lucy's total gain and her current deductible loss.PT Partnership begins with 2 partners. Parrot contributes assets with a FMV of $50,000 and an adjusted basis of $10,000, and Troy contributes accounting services of $50,000. What income must Ava and Rose pick up on their individual tax returns? Parrot Troy