chapter 20 problems - Kevin 1/5 interest basis 50,000...

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Chapter 20 problems 31, 32,33,34,41,42,43 31) Mark Pete Mickey Basis interest 15,000 10,000 20,000 taxable income 10,000 10,000 10,000 cash distribution 25,000 a) gain 5,000 b) 0 c) no gain 5,000 remaining basis 32) wilma clay nathan basis 14,000 25,000 8,000 property basis 18,000 property FMV 45,000 a) gain no gain b) 18,000 c) 0 33) Susan 1/3 partner cash distribution 25,000 for half her interest basis 30,000 a) loss -5,000 b) 5,000 c) 0.165 34) Craig cash distribution 50,000 half of his 1/4 interest basis 35,000 a) gain 15,000 b) remaining basis 0 41)
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Unformatted text preview: Kevin 1/5 interest basis 50,000 complete liquidation cash 20,000 property basis 18,000 property FMV 60,000 a)no gain or loss b) 12,000 42) Sarah complete liquidation cash distribution 40,000 basis 48,000 a) loss 8,000 b) cash distribution 25,000 property 15,000 no gain or loss basis 8000 43) Scott complete liquidation cash distribution 38,000 property 62,000 unrealized receiv 22,000 basis 35,000 a)gain 43,000 b) 40,000...
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