T11F-Chp-13-5E-CPA Questions on Organizing a Partnership

T11F-Chp-13-5E-CPA Questions on Organizing a Partnership -...

Info iconThis preview shows pages 1–2. Sign up to view the full content.

View Full Document Right Arrow Icon

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

View Full DocumentRight Arrow Icon
This is the end of the preview. Sign up to access the rest of the document.

Unformatted text preview: 8535270fee6a926787547d5748ae131725a792c7.doc Selected CPA Exam Questions on Organization of a Partnership 1. Strom acquired a 25 percent interest in Ace Partnership by contributing land having an adjusted basis of $16,000 and a fair market value of $50,000. The land was subject to a $24,000 mortgage, which was assumed by Ace. No other liabilities existed at the time of the contribution. What was Strom's basis in Ace? a. $0 b. $16,000 c. $26,000 d. $32.000 CPA May, 1995 2. Eng contributed the following assets to a partnership in exchange for a 50% interest in the partnership's capital and profits: Cash....................................................................$50 000 Equipment: Fair market value..............................................35,000 Carrying amount (adjusted basis).....................25,000 The basis for Eng's interest in the partnership is a. $37,500 b. $42,500 c. $75.000 d. $85,000 CPA - May, 1991 3. On January 2, 2001, Black acquired a 50% interest in New Partnership by contributing property with an...
View Full Document

This note was uploaded on 03/09/2012 for the course ACCT 4220 taught by Professor Burton during the Spring '08 term at UNC Charlotte.

Page1 / 2

T11F-Chp-13-5E-CPA Questions on Organizing a Partnership -...

This preview shows document pages 1 - 2. Sign up to view the full document.

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