C12-Chp-11-3-Class Lecture Problems-Prb

C12-Chp-11-3-Class Lecture Problems-Prb -...

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

View Full Document Right Arrow Icon
Tab-1-Distributions 4e5335c056cbc5e6dcc75607430babe27bb00139.xlsx Page 1 of 3 Taxpayer Hart, Bart or Day takes distributions from a partnership 1 Partnership Non-Liquidating Dist. Hart Bart Day Txt Code 2 50% Partner's basis before distribution $9,000 $9,000 $50,000 3 Cash distributed to partner 5,000 5,000 25,000 4 Land distributed to partner 5 Partnership's Basis before distribution 7,000 15,000 6 FMV of land on date of distribution 10,000 20,000 7 Gain Recognized by Partnership 731 b 8 Loss Recognized by Partnership 731 b 9 Gain Recognized by Partner 11-5 731 a 1 10 Loss Recognized by Partner 11-5 731 a 2 11 Partner's basis in land received 732 a 1, 2 12 Remaining Basis in Partnership Interest 733 13 Partnership Liquidating Dist. Hart Bart Day 14 50% Partner's basis before distribution $9,000 $9,000 $50,000 15 Cash distributed to partner 5,000 5,000 25,000 16 Land distributed to partner 17 Partnership Basis before distribution 7,000 15,000 18 FMV of land on date of distribution 10,000 20,000 19 Gain Recognized by Partnership 11-9 731 b 20 Loss Recognized by Partnership 731 b 21 Gain Recognized by Partner 11-10 731 a 1 22 Loss Recognized by Partner 11-11 731 a 2 23 Partner's basis in land received N/A 732 b 24 Remaining Basis in Partnership Interest 25 Corporate Distribution-nonliquidating 26 This does not involve a stock redemption. Hart
Background image of page 1

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

View Full DocumentRight Arrow Icon
Image of page 2
This is the end of the preview. Sign up to access the rest of the document.

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.

Page1 / 3

C12-Chp-11-3-Class Lecture Problems-Prb -...

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