Cameron is a 30 partner in cm partnership cameron

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12.Cameron is a 30% partner in CM partnership. Cameron contributed $5,000 in cash at formation of CM. CM borrowed $20,000 to purchase equipment. During the first year of operations, CM had net taxable income of $25,000, tax exempt income of $4,000; interest income of $6,000; Cameron received $5,000 distribution of cash. The partnership debt was decreased by $5,000. At the end of the first year of operations, what amount of basis would Cameron have? (ShanShan Zhang)13.L and M form the LM Partnership with the following contributions. L contributes property with a basis of $45 and a fair market value of $105, but subject to a recourse mortgage of $30. M contributes property with basis of $15 and subject to a recourse mortgage of $80. L and M are both general partners. L has a 60% interest in partnershipcapital, profit and losses ( and liabilities). M owns the remaining 40%. What will be L’s basis in his/her partnership interest?
IRC Section 72245.00Sec. 752(b)(30.00)Sec. 752(a)18.00Sec. 752(a)48.0081.00(Sining Ji) 14.In 13 above, what will M’s basis be in her interest in the LM Partnership? IRC Sec 722 15Sec. 752(b)(80)Sec. 752 (a) 1232(21)Sec. 752(b) gain 21Basis 0 (Diana Castro)15. Which of the following is not used to calculate ordinary income (loss) on Form 1065?
(Jessie Lin) 16. A partner is 50% owner at the beginning of the year 1 and 25% at the end of year 1.The partnership liabilities were $300,000 at the beginning of the year and $400,000 at the end. What effect these changes have in partners A basis?

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