Williams recognizes no gain and the basis of his interest is 11000 The accounts

Williams recognizes no gain and the basis of his

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Mr. Williams recognizes no gain, and the basis of his interest is $11,000. The accounts payable of cash-basis contributors are not considered liabilities for purposes of determining a partner's basis for a partnership interest. Consequently, Mr. Williams is not deemed to receive a $15,000 distribution because of the contribution of the $30,000 accounts payable to a partnership in which he has a 50% interest. The basis of his partnership interest equals the total $11,000 basis of property he contributes: $6,000 of cash, zero-basis accounts receivable, and $5,000 basis of equipment.
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36 CCH Federal Taxation Comprehensive Topics © 2017 CCH Incorporated and its affiliates. All rights reserved. Chapter 19 DIFFICULTY LEVEL RATINGS CHAPTER 19 The following table denotes the relative difficulty level of each question. Teachers may wish to organize test questions based on the difficulty level of the particular class. True-False Question Ratings 1. Easy 2. Difficult 3. Difficult 4. Easy 5. Moderate 6. Easy 7. Moderate 8. Difficult 9. Easy 10. Difficult 11. Easy 12. Easy 13. Moderate 14. Easy 15. Easy 16. Moderate 17. Moderate 18. Easy 19. Moderate 20. Easy 21. Moderate 22. Easy
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37 Testbank © 2017 CCH Incorporated and its affiliates. All rights reserved. Chapter 19 23. Moderate 24. Easy 25. Moderate 26. Moderate 27. Moderate Multiple Choice Question Ratings 28. Easy 29. Easy 30. Difficult 31. Moderate 32. Moderate 33. Difficult 34. Moderate 35. Moderate 36. Moderate 37. Moderate 38. Difficult 39. Moderate 40. Moderate 41. Moderate 42. Moderate 43. Moderate 44. Difficult 45. Difficult 46. Moderate
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38 CCH Federal Taxation Comprehensive Topics © 2017 CCH Incorporated and its affiliates. All rights reserved. Chapter 19 47. Difficult 48. Difficult 49. Moderate 50. Moderate 51. Moderate 52. Moderate 53. Difficult 54. Moderate 55. Difficult 56. Moderate 57. Moderate 58. Moderate 59. Moderate 60. Difficult 61. Difficult 62. Difficult 63. Difficult 64. Difficult 65. Moderate 66. Moderate 67. Moderate 68. Difficult 69. Easy 70. Moderate 71. Moderate
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39 Testbank © 2017 CCH Incorporated and its affiliates. All rights reserved. Chapter 19 72. Difficult 73. Difficult 74. Moderate 75. Difficult 76. Difficult Supplementary Problem Ratings 77. Moderate 78. Moderate 79. Moderate 80. Difficult 81. Moderate 82. Difficult 83. Moderate 84. Moderate 85. Moderate 86. Moderate 87. Moderate 88. Moderate 89. Moderate 90. Moderate 91. Difficult 92. Moderate
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