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Comp SM_Ch21 - CHAPTER 21 PARTNERSHIPS SOLUTIONS TO PROBLEM...

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CHAPTER 21 PARTNERSHIPS SOLUTIONS TO PROBLEM MATERIALS Status: Q/P Question/ Present in Prior Problem Topic Edition Edition 1 Entity and aggregate theories Unchanged 1 2 Partnership versus corporate formation New 3 Contribution of appreciated property New 4 Application of § 721 Unchanged 3 5 Issue ID New 6 Treatment of expenses of new partnership Unchanged 5 7 Issue ID Unchanged 6 8 Adjustments to partner’s basis Unchanged 8 9 Loss limitations Unchanged 9 10 Guaranteed payments Unchanged 10 11 Issue ID Unchanged 11 12 Partnership compared to C corporation Unchanged 12 13 Partnership formation and operations issues Unchanged 13 14 Formation of partnership; inside and outside basis New 15 Formation of partnership; inside and outside basis Unchanged 15 16 Contribution of various properties on formation of a partnership; basis and depreciation New 17 Formation of partnership; inside and outside basis; character of gain on later sale Unchanged 16 18 Basis of property received as gift; receipt of interest for services; planning for service interests Unchanged 17 19 Disguised sale versus distribution Unchanged 18 20 Treatment of contributed property Unchanged 19 21 Precontribution gain [§ 704(c)] Unchanged 20 22 Definition of organization costs; amortization of organization costs Unchanged 21 21-1
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21-2 2005 Comprehensive Volume/Solutions Manual Status: Q/P Question/ Present in Prior Problem Topic Edition Edition 23 Computation of partnership’s required tax year under the least aggregate deferral method New 24 Date basis of partner’s interest; gain on sale of contributed land with precontribution built-in gain Unchanged 23 25 Date basis of partner’s interest; loss on sale of contributed land Unchanged 24 26 Computation of partner’s outside basis at beginning and end of year when several transactions took place Unchanged 25 27 Partnership income; partner’s basis; separately stated items; guaranteed payments New 28 Partnership income; partner’s basis; loss limitations; guaranteed payments New 29 Basis and loss limitations Unchanged 29 30 Allocations under § 704(b); gain calculation Unchanged 30 31 Allocations to partner; basis in interest; loss limitations Unchanged 31 32 Formation of partnership; gain or loss recognized by contributing partners; basis of contributed property to partnership; basis of interests to contributing partners Unchanged 32 33 No negative basis for a partner’s interest; no gain recognized by partner contributing appreciated property encumbered by nonrecourse debt; basis of contributed property to partnership; basis of interests to contributing partners Unchanged 33 34 Sharing recourse debt for basis purposes Unchanged 34 35 Loss disallowance under § 704(d), § 465, and § 469 Unchanged 35 36 Timing of recognition of guaranteed payments Unchanged 36 37 Partnership has operating loss after deducting guaranteed payment to partner Unchanged 37 38 Disallowed § 267 loss from sale of property to partnership by partner; conversion of capital gain to ordinary income from sale of investment property to partnership by partner
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