quiz 10a

quiz 10a - 1. A partner may recognize gain as a result of a...

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Unformatted text preview: 1. A partner may recognize gain as a result of a distribution from a partnership under what circumstances? Assume that the distribution does not involve property contributed within 7 years, the partner has not contributed other property withn 7 years and the distribtion does not alter the partner's interest in unrealized receivables or inventory items. A. The partner receives a check from the partnership as a distribution, and the cash exceeds the partners basis. B. The partners share of partnership liabilities is reduced, and the reduction exceeds the partners basis. C. The partner receives noncash partnership property with an inside basis of more than the partners outside basis. D. Two of the above. E. None of the above. Response: D Answer: D Points: 1 / 1 2. Which of the following distributions are treated exactly the same for purposes of partnership capital/financial accounting as for income tax purposes? Assume that the distribution does not exceed the partner's outside basis, does not involve property contributed within 7 years, the partner has not contributed other property withn 7 years and the distribtion does not alter the partner's interest in unrealized receivables or inventory items. A. A distribution of noncash property with a fair market value in excess of basis....
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This note was uploaded on 06/23/2009 for the course BUPA 539 taught by Professor Jamison during the Spring '09 term at IUPUI.

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quiz 10a - 1. A partner may recognize gain as a result of a...

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