C7-10-11-CPA Exam questions on Ptshp liquidations

C7-10-11-CPA Exam questions on Ptshp liquidations -...

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bc15eacd24a9788cd98abe3571aa4fcc4a8bac9e.doc. Page 1 of 2 Multiple questions – November 1993 Items 55 and 56 are based on the following: The adjusted basis of Jody's partnership interest was $50,000 immediately before Jody received a current distribution of $20,000 cash and property with an adjusted basis to the partnership of $40,000 and a fair market value of $35,000. 55. (CPAN93#55) What amount of taxable gain must Jody report as a result of this distribution? a. $0 b. $ 5,000 c. $10,000 d. $20,000 56. (CPAN93#56) What is Jody's basis in the distributed property? a. $0 b. $30,000 c. $35,000 d. $40,000 57. (CPAN93#57) The adjusted basis of Vance's partnership interest in Lex Associates was $180,000 immediately before receiving the following distribution in complete liquidation of Lex: Basis to Lex Fair market value Cash $100,000 $100,000 Real estate 70,000 96,000 What is Vance's basis in the real estate? a. $96,000 b. $83,000 c. $80,000 d. $70,000 58. (CPAN93#58) Cobb, Danver, and Evans each owned a one-third interest in the capital and profits of their calendar-year partnership. On September 18, 2001, Cobb and Danver sold their partnership interests to Frank, and immediately withdrew from all participation in the partnership. On March 15, 2002, Cobb
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C7-10-11-CPA Exam questions on Ptshp liquidations -...

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