week 10.docx - 32 a Clay will not recognize any gain or...

This preview shows page 1 - 3 out of 3 pages.

32. a. Clay will not recognize any gain or loss in receipt of property in non-liquidating distribution. The property’s carrying value shall be reduced from the partner’s tax basis. b. The basis will he take in the property received from the partnership is equal to $18,000. c. The remaining basis in the partnership interest equal to $25,000 - $18,000 = $7,000. 34. a. Craig will recognize on receipt of the distribution equal to 50,000 – 35,000 = $15,000 b. The remaining basis in the partnership interest is equal to $15,000. 36. a. Jonna will recognize zero of gain on the distribution of the property, because of the non-liquidating dividend. b. The carrying value of the property of $22,000 will become the basis for J in the property received. 38. a. Amy will recognize zero of gain on the distribution of the non-liquidating distribution. b. The basis of property 1 is 24,000, property 2 is 23,000, property 3 is 22,000. c. The basis is restricted to $69,000. d. The basis will be the same as $69,000.
Image of page 1

Subscribe to view the full document.

42. a. Sarah will recognize zero of the liquidating distributions.
Image of page 2
Image of page 3
  • Fall '19
  • Capitalism, partner’s tax basis, receipt of property, Matt’s tax basis

What students are saying

  • Left Quote Icon

    As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

    Student Picture

    Kiran Temple University Fox School of Business ‘17, Course Hero Intern

  • Left Quote Icon

    I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

    Student Picture

    Dana University of Pennsylvania ‘17, Course Hero Intern

  • Left Quote Icon

    The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

    Student Picture

    Jill Tulane University ‘16, Course Hero Intern

Ask Expert Tutors You can ask 0 bonus questions You can ask 0 questions (0 expire soon) You can ask 0 questions (will expire )
Answers in as fast as 15 minutes