Which of the following would be currently taxable as ordinary income to the

Which of the following would be currently taxable as

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44. Which of the following would be currently taxable as ordinary income to the service partner if received in exchange for services performed for the partnership? (In all cases, assume the interest is not sold within two years after the time it is granted to the service partner.) A. A 10% interest in the capital of the partnership that will vest in 3 years.B. A 20% interest in the future profits of the partnership received in exchange for future services to be performed for the partnership.C. A 25% interest in the capital of the partnership where there are no restrictions on transferability of the interest.D. A 30% interest in ongoing profits of the partnership where the partnership is not a publicly-traded partnership and the income stream is not assured.E. All of the above. 45. Which of the following is an election or calculation made by the partner rather than the partnership? 46. TEC Partners was formed during the current tax year. It incurred $10,000 of organizational expenses, $80,000 of startup expenses, and $5,000 of transfer taxes to retitle property contributed by a partner. The property had been held as MACRS property for ten years by the contributing partner, and had an adjusted basis to the partner of $300,000 and fair market value of $400,000. Which of the following statements is correct regarding these items? 47. Which of the following statements is alwayscorrect regarding assets acquired by a newly formed partnership? If a partner contributes:
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  • Spring '14
  • Corporation, Types of business entity, partner, Limited liability partnership

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