C12-Chp-11-1C-Ptshp-Dist.-2012-Extra

C12-Chp-11-1C-Ptshp-Dist.-2012-Extra - Chapter 11C...

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Chapter 11C. Partnership. Distributions-Extra. Some Old CPA Questions C10-Chp-11-1C-Ptshp-Dist.-2010-Extra.ppt Edited 2010-0221 Howard Godfrey, Ph.D., CPA Professor of Accounting Copyright 2010
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Note: In the slides that follow, Taxpayer Hart or Taxpayher Day takes distributions from a partnership (first non- liquidating & then liquidating). Then we assume Day takes a distribution from a corporation, or has stock redeemed by a corporation. (CPA Exam)
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Ptr Non-Liq. Distribution Hart 50% Ptr's basis before dist. $9,000 Cash distributed to Hart 5,000 Gain Recog. by Partnership Loss Recog. by Partnership Gain Recognized by Hart Loss Recognized by Hart Remaining Basis in Ptshp Int.
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Ptr Non-Liq. Distribution Hart 50% Ptr's basis before dist. $9,000 Cash Distributed to Hart 5,000 Gain Recog. by Partnership None Loss Recog. by Partnership None Gain Recognized by Hart 0 Loss Recognized by Hart 0 Remaining Basis in Ptshp Int. $4,000
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Partnership Distribution Hart Day 50% Ptr's basis before dist. $9,000 $9,000 $50,000 Cash distributed 5,000 5,000 25,000 Land distributed Ptshp Basis before dist. 7,000 15,000 FMV - date of distribution 10,000 20,000 Non-liquidating Distribution Gain Recog. by Partnership None Loss Recog. by Partnership Gain Recognized by Partner 0 Loss Recognized by Partner 0 Partner's basis-land received N/A Remaining Basis in Ptshp Int. $4,000
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Partnership Distribution Hart Hart Day 50% Ptr's basis before dist. $9,000 $9,000 $50,000 Cash distributed 5,000 5,000 25,000 Land distributed Ptshp Basis before dist. 7,000 15,000 FMV on date of distribution 10,000 20,000 Non-liquidating Distribution Gain Recog. by Partnership None Loss Recog. by Partnership
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This note was uploaded on 03/09/2012 for the course ACCT 6120 taught by Professor Godfrey,h during the Spring '08 term at UNC Charlotte.

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C12-Chp-11-1C-Ptshp-Dist.-2012-Extra - Chapter 11C...

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