What depreciation deduction may the partnership claim if the partnership makes

What depreciation deduction may the partnership claim

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What depreciation deduction may the partnership claim if the partnership makes no Section 754 election to adjust the basis of its assets? If it makes a Section 754 election? 65. Doug Crepit, a 30 percent partner of Weeping, a calendar year partnership, died on July 1. The partnership continued to operate throughout the year and reported the 30 percent share of partnership profits to be $60,000, all earned pro rata during the year, $5,000 each month. Doug's other income for 2012 to the date of his death was $50,000. His estate succeeded to his interest in the partnership and in addition it earned $40,000 by December 31. The estate elected a June 30th fiscal year but distributed to Ms. Crepit during December all of its reportable partnership earnings plus the $40,000 of its other earnings. Ms. Crepit had no other income, but the executor of Mr. Crepit's estate consents for her to file a joint return with her deceased husband. What gross income will they report on the joint return for the year of death? 66. Harvey Harrison has a basis of $30,000 for his partnership interest. He receives as a current distribution the following as his pro rata share of the partnership assets: Basis FMV Cash $5,000 $5,000 Accounts receivable --0-- 12,000 Land held for investment10,000 13,000 Total $15,000$30,000 (a.) What is Harvey's gain or loss on the distribution? (b.) What is his basis for the accounts receivable?
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(c.) What is his basis for the land? (d.) What is his basis for his partnership interest?
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  • Fall '14
  • n/a
  • Balance Sheet, Generally Accepted Accounting Principles, partner

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