Ll.47. Required information[The following information applies to the questions displayed below.]Megan and Matthew are equal partners in the J & J Partnership (a calendar-year-end entity). On January 1 of the currentyear, they decide to liquidate the partnership. Megan's basis in her partnership interest is $121,000 and Matthew's is$43,400. The two partners receive identical distributions, with each receiving the following assets:Note: Leave no answer blank. Enter zero if applicable.CashInventoryLandTotalsTax Basis$ 35,2508,1501,025$ 44,425FMV$ 35,2509,3601,630$ 46,240c. What are the amount and character of Matthew's recognized gain or loss?Neither gain nor loss recognized$75,075 of ordinary loss$2,105 of ordinary income$75,075 of capital loss$2,105 of capital gain Required information[The following information applies to the questions displayed below.]Megan and Matthew are equal partners in the J & J Partnership (a calendar-year-end entity). On January 1 of the currentyear, they decide to liquidate the partnership. Megan's basis in her partnership interest is $121,000 and Matthew's is$43,400. The two partners receive identical distributions, with each receiving the following assets:Note: Leave no answer blank. Enter zero if applicable.CashInventoryLandTotalsCashInventoryLandTax BasisBasis$ 35,2508,1501,025$ 44,425d. What is Matthew's basis in the distributed assets?FMV$ 35,2509,3601,630$ 46,240

As per the given information: Megan's basis in her partnership - $121,000Matthew's basis in her…

Required information [The following information applies to the questions displayed below.] Megan and Matthew are equal partners in the J & J Partnership (a calendar-year-end entity). On January 1 of the current year, they decide to liquidate the partnership. Megan's basis in her partnership interest is $121,000 and Matthew's is $43,400. The two partners receive identical distributions, with each receiving the following assets: Note: Leave no answer blank. Enter zero if applicable. Cash Inventory Land Totals Tax Basis $ 35,250 8,150 1,025 $ 44,425 $75,075 of capital loss $2,105 of capital gain c. What are the amount and character of Matthew's recognized gain or loss? Neither gain nor loss recognized $75,075 of ordinary loss $2,105 of ordinary income FMV $ 35,250 9,360 1,630 $ 46,240

Required information [The following information applies to the questions displayed below.] Megan and Matthew are equal partners in the J & J Partnership (a calendar-year-end entity). On January 1 of the current year, they decide to liquidate the partnership. Megan's basis in her partnership interest is $121,000 and Matthew's is $43,400. The two partners receive identical distributions, with each receiving the following assets: Note: Leave no answer blank. Enter zero if applicable. Cash Inventory Land Totals Tax Basis $ 35,250 8,150 1,025 $ 44,425 $75,075 of capital loss $2,105 of capital gain c. What are the amount and character of Matthew's recognized gain or loss? Neither gain nor loss recognized $75,075 of ordinary loss $2,105 of ordinary income FMV $ 35,250 9,360 1,630 $ 46,240

SWFT Comprehensive Volume 2019

42nd Edition

ISBN:9780357233306

Author:Maloney

Publisher:Maloney

Chapter21: Partnerships

Section: Chapter Questions

Problem 11BCRQ

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Required information [The following information applies to the questions displayed below.] Megan and Matthew are equal partners in the J & J Partnership (a calendar-year-end entity). On January 1 of the current year, they decide to liquidate the partnership. Megan's basis in her partnership interest is $100,000, and Matthew's is $35,000. The two partners receive identical distributions, with each receiving the following assets: (Leave no answer blank. Enter zero if applicable.) Cash Inventory Land Totals Cash Inventory Land Tax Basis Basis $ 30,000 5,000 500 $ 35,500 b. What is Megan's basis in the distributed assets? FMV $ 30,000 6,000 1,000 $ 37,000
! Required information [The following information applies to the questions displayed below.] Megan and Matthew are equal partners in the J & J Partnership (a calendar-year-end entity). On January 1 of the current year, they decide to liquidate the partnership. Megan's basis in her partnership interest is $100,000, and Matthew's is $35,000. The two partners receive identical distributions, with each receiving the following assets: (Leave no answer blank. Enter zero if applicable.) Cash Inventory Land Totals Cash Inventory Land Tax Basis Basis $ 30,000 5,000 500 $ 35,500 d. What is Matthew's basis in the distributed assets? FMV $ 30,000 6,000 1,000 $ 37,000
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Megan and Matthew are equal partners in the J & J Partnership (a calendar-year-end entity). On January 1 of the current year, they decide to liquidate the partnership. Megan’s basis in her partnership interest is $100,000, and Matthew’s is $35,000. The two partners receive identical distributions, with each receiving the following assets: (Leave no answer blank. Enter zero if applicable.) Tax Basis FMV Cash $ 30,000 $ 30,000 Inventory 5,000 6,000 Land 500 1,000 Totals $ 35,500 $ 37,000 a. What are the amount and character of Megan’s recognized gain or loss? b. What is Megan’s basis in the distributed assets? c. What are the amount and character of Matthew’s recognized gain or loss? d. What is Matthew’s basis in the distributed assets?
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