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

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

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Tab-1-Distributions 1d95fd6d3b8fadeac9e72300c02cb7762d443209.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 None None None 731 b 8 Loss Recognized by Partnership None None None 731 b 9 Gain Recognized by Partner 0 0 0 11-5 731 a 1 10 Loss Recognized by Partner 0 0 0 11-5 731 a 2 11 Partner's basis in land received N/A 4,000 15,000 732 a 1, 2 12 Remaining Basis in Partnership Interest $4,000 0 $10,000 733 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 None None None 11-9 731 b 20 Loss Recognized by Partnership None None None 731 b 21 Gain Recognized by Partner 0 0 0 11-10 731 a 1 22 Loss Recognized by Partner 4,000 0 0 11-11 731 a 2 23 Partner's basis in land received N/A 4,000 25,000 732 b 24 Remaining Basis in Partnership Interest 0 0 0 25 Corporate Distribution-nonliquidating 26 This does not involve a stock redemption. Hart
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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-11-3-Class Lecture Problems-Sol -...

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