WEST CH 10 SOLUTIONS (2007)

WEST CH 10 SOLUTIONS (2007) - Path:

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Path: K:/TL-WFT-05-0802/Application/TL-WFT-05-0802-010_V2-SM.3d Date: 13th April 2006 Time: 15:30 User ID: 40223 CHAPTER 10 PARTNERSHIPS: FORMATION, OPERATION, AND BASIS SOLUTIONS TO PROBLEM MATERIALS Question/ Problem Topic Status: Present Edition Q/P in Prior Edition 1 Ownership of partnership interest New 2 Contribution of appreciated property Unchanged 2 3 Gain on formation of a partnership Modified 3 4 Application of § 721 Modified 4 5 Preparation of initial LLC tax return Unchanged 5 6 Treatment of expenses of new partnership Unchanged 6 7 Accounting methods Unchanged 7 8 Tax year of newly formed partnership Unchanged 8 9 Adjustments to partner’s basis Unchanged 9 10 Economic effect test Unchanged 10 11 Basis calculations and loss limitations New 12 At-risk limitations New 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 Unchanged 16 17 Formation of partnership; inside and outside basis; character of gain on later sale New 18 Basis of property received as gift; receipt of interest for services; planning for service interests Unchanged 18 19 Disguised sale versus distribution Unchanged 19 *20 Treatment of contributed property New *21 Precontribution gain [§ 704(c)] New *22 Definition of organization costs; amortization of organization costs Unchanged 22 *23 Formation of partnership; treatment of costs Unchanged 23 10-1
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Path: K:/TL-WFT-05-0802/Application/TL-WFT-05-0802-010_V2-SM.3d Date: 13th April 2006 Time: 15:30 User ID: 40223 Question/ Problem Topic Status: Present Edition Q/P in Prior Edition *24 Computation of partnership’s required tax year under the least aggregate deferral method New 25 Date basis of partner’s interest; gain on sale of contributed land with precontribution built-in gain Unchanged 25 *26 Date basis of partner’s interest; loss on sale of contributed land Unchanged 26 *27 Computation of partner’s outside basis at beginning and end of year when several transactions took place New *28 Partnership income; partner’s basis; separately stated items; guaranteed payments Unchanged 28 29 Partnership income; partner’s basis; loss limitations; guaranteed payments Unchanged 29 30 Basis and loss limitations Unchanged 30 *31 Allocations under § 704(b); gain calculation Unchanged 31 32 Allocations under § 704(b) Unchanged 32 33 Allocations to partner; basis in interest; loss limitations Unchanged 33 *34 Formation of partnership; gain or loss recognized by contributing partners; basis of contributed property to partnership; basis of interests to contributing partners Unchanged 34 35 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 35 36 Allocation of recourse debt Unchanged 36 37 Sharing recourse debt for basis purposes Unchanged 37 38
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