Partnerships And Limited Liability Entities - Ch11

Partnerships And Limited Liability Entities - Ch11 -...

Info iconThis preview shows pages 1–3. Sign up to view the full content.

View Full Document Right Arrow Icon
CHAPTER 11 PARTNERSHIPS AND LIMITED LIABILITY ENTITIES SOLUTIONS TO PROBLEM MATERIALS Status: Q/P Question/ Present in Prior Problem Topic Edition Edition 1 Issue recognition Unchanged 1 2 Formation of partnership; inside and Unchanged 2 outside basis 3 Formation of partnership; inside and outside Unchanged 3 basis 4 Formation of partnership; inside and outside Unchanged 4 basis; character of gain on later sale 5 Issue recognition New 6 Basis of property received as inheritance; Unchanged 6 receipt of interest for services; planning for service interests 7 Disguised sale versus distribution Modified 7 8 Treatment of contributed property Unchanged 8 9 Precontribution gain [§ 704(c)] Unchanged 9 10 Definition of organization costs; amortization Unchanged 10 of organization costs 11 Date basis of partner’s interest; gain on sale Unchanged 11 of contributed land with precontribution built-in gain 12 Date basis of partner’s interest; loss on sale Unchanged 12 of contributed land 13 Computation of partner’s outside basis at Unchanged 13 beginning and end of year when several transactions took place 14 Issue recognition Unchanged 14 15 Allocations to partner; basis in interest; Unchanged 18 loss limitations 16 Formation of partnership; gain or loss Unchanged 19 recognized by contributing partners; basis of contributed property to partnership; basis of interests to contributing partners 11-1
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
11-2 2003 Entities Volume/Solutions Manual Status: Q/P Question/ Present in Prior Problem Topic Edition Edition 17 No negative basis for a partner’s interest; no Unchanged 20 gain recognized by partner contributing appreciated property encumbered by nonrecourse debt; basis of contributed property to partnership; basis of interests to contributing partners 18 Issue recognition Unchanged 21 19 Partnership distributions; partner’s basis Unchanged 22 20 Formation of partnership; treatment of costs Unchanged 23 21 Disallowed § 267 loss from sale of property Unchanged 26 to partnership by partner; conversion of capital gain to ordinary income from sale of investment property to partnership by partner 22 Partnership formation and operations issues Unchanged 27 23 Timing of recognition of guaranteed payments New 24 Loss limitations under § 704(d), § 465, New and § 469 25 Liabilities and partners’ bases Unchanged 28 26 Partner’s loss limitations Unchanged 29 Comprehensive Tax Return Problem 27 Prepare Form 1065 and Schedule K-1 for Unchanged 30 one partner Bridge Discipline Problem 1 Basis and capital account calculation Unchanged 1 Research Problem 1 Economic effect allocations Unchanged 1 2 Gain recognized on partnership formation Unchanged 2 3 Debt allocation Unchanged 3 4 Internet activity Unchanged 4 5 Internet activity Unchanged 5 6 Internet activity Unchanged 6 PROBLEM MATERIAL 1. When Justin contributes the land to the partnership, he recognizes no gain or loss. Instead, he takes a substituted basis of $85,000 in his partnership interest ($20,000 cash,
Background image of page 2
Image of page 3
This is the end of the preview. Sign up to access the rest of the document.

This note was uploaded on 01/24/2010 for the course ACCT 44 taught by Professor Smithysmith during the Spring '10 term at DeVry Chicago.

Page1 / 32

Partnerships And Limited Liability Entities - Ch11 -...

This preview shows document pages 1 - 3. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online