partnerships aggregate basis in the two parcels of land was 30000 and the

Partnerships aggregate basis in the two parcels of

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62. The adjusted basis of Clara Champion's partnership interest is $6,000, including her $4,000 share of partnership liabilities, on which neither she, the other partners, nor the partnership has assumed any personal liability. Clara's share of the ordinary income potential in partnership depreciable property (recapture) is $5,000. The partnership has no other liabilities, unrealized receivables or substantially appreciated inventory items. Clara sells her partnership interest for $9,000 in cash. What is the amount and the character of the gain to Ms. Champion? 63. The adjusted basis of Bill Bunting's partnership interest is $25,000, including his $20,000 share of partnership liabilities. Bill has held his partnership interest for two years. Bill's share of unrealized receivables for goods delivered is $8,000. Bill sells his partnership interest for $20,000 in cash. What is the amount and character of the gain to be reported by Bill? 64. On January 1, Frank Forbes purchased from Jim Jackson for $50,000 a 25 percent interest in the Lee Partnership. The balance sheet of the partnership immediately prior to Frank's purchase showed the following: Basis FMV EquitiesBasis FMV Cash $10,000 $10,000 Salley $15,000 $50,000 Depreciable asset 50,000 190,000 Walley 15,000 50,000 (10-year remaining life, S-L depr.) Dalley 15,000 50,000 $60,000$200,000 $60,000 $200,000
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  • Fall '14
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  • Balance Sheet, Generally Accepted Accounting Principles, partner

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