{[ promptMessage ]}

Bookmark it

{[ promptMessage ]}

Partnership_Example - 1231 Gain 21,000 1245 gain 20,000...

Info iconThis preview shows page 1. Sign up to view the full content.

View Full Document Right Arrow Icon
Tax 4001 Hageman Partnership Example Sammy is a 25% partner in SG General Partnership. At the beginning of 2009, SG had $50,000 in liabilities and Sammy's basis (including his share of the liabilities) in his partnership interest was $30,000. At the end of 2009, SG's liabilities had decreased to $42,000. 2009 Activity: Sales $ 120,000 COGS 40,000 Depreciation Expense 10,000 Admin Expense 5,000 Guaranteed Payment to Sammy 15,000 1231 Gain
Background image of page 1
This is the end of the preview. Sign up to access the rest of the document.

Unformatted text preview: 1231 Gain 21,000 1245 gain 20,000 STCL from sale of stock 6,000 LTCL from sale of stock 4,000 LTCG from sale of stock 15,000 Charitable Contribution 4,500 Distributions to Partners* 10,000 *Sammy received $2,500. PART I (1) Compute SG's (A) Ordinary income and (B) Separately Stated Items. (2) What would Sammy report on his 2009 individual tax return as a result of SG activities? PART II Compute Sammy's basis at the end of 2009....
View Full Document

{[ snackBarMessage ]}

Ask a homework question - tutors are online