2 Year up to date 3 Year close 4 AR 5 ABPI 6 Gainloss realized 7 Gainloss

2 year up to date 3 year close 4 ar 5 abpi 6 gainloss

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2. Year up to date? 3. Year close? 4. AR? 5. ABPI? 6. Gain/loss realized? 7. Gain/loss recognized? 8. Character? ……..
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Prob 275:1(a) AB FMV ABPI FMV Cash 45 45 Inventory 75 90 A 75 135 Accts rec. 0 45 B 75 135 Capital asset 105 225 C 75 135 225 405 225 405 1/1/20xx: A sells to D for $135,000 cash 8. Character? a. Any §751 assets? (i) any unr. rec? (real, deemed) (ii) any inventory? b. OI allocated to A if ABC sells §751 assets? 1/3 of 60 = 20 OI c. Remaining 40 is LTCG 9. No termination of partnership
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Prob 275:1(b) AB FMV ABPI FMV Cash 45 45 Inventory 75 90 A 150 135 Accts rec. 0 45 B 150 135 Capital asset 330 225 C 150 135 450 405 450 405 1/1/20xx: A sells to D for $135,000 cash 1. Sale? 2. Year up to date? 3. Year close? 4. AR? 5. ABPI? 6. Gain/loss realized? 7. Gain/loss recognized? 8. Character? ……..
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Prob 275:1(b) 8. Character? a. Any §751 assets? (i) any unr. rec? (real, deemed) (ii) any inventory? b. OI allocated to A if ABC sells §751 assets? 1/3 of 60 = 20 OI c. Overall 15 loss, so there is 35 of LTCL 9. No termination of partnership AB FMV ABPI FMV Cash 45 45 Inventory 75 90 A 150 135 Accts rec. 0 45 B 150 135 Capital asset 330 225 C 150 135 450 405 450 405 1/1/20xx: A sells to D for $135,000 cash
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Prob 275:1(c) AB FMV ABPI FMV Cash 45 45 Liab 90 Inventory 75 90 A 75 105 Accts rec. 0 45 B 75 105 Capital Asset 105 225 C 75 105 225 405 225 405 1/1/20xx: A sells to D for $105,000 cash 1. Sale? 2. Year up to date? 3. Year close? 4. AR? *** 5. ABPI? 6. Gain/loss realized? 7. Gain/loss recognized? 8. Character? ……..
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Prob 275:1(c) 8. Character? a. Any §751 assets? (i) any unr. rec? (real, deemed) (ii) any inventory? b. OI allocated to A if ABC sells §751 assets? 1/3 of 60 = 20 OI c. Remaining 40 is LTCG 9. No termination of partnership AB FMV ABPI FMV Cash 45 45 Liab 90 Inventory 75 90 A 75 105 Accts rec. 0 45 B 75 105 Capital Asset 105 225 C 75 105 225 405 225 405 1/1/20xx: A sells to D for $105,000 cash
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Prob 275:1(d) AB FMV ABPI FMV Cash 45 45 20xx income 0 90 Inventory 75 90 A 75 165 Accts rec. 0 45 B 75 165 Capital asset 105 225 C 75 165 225 495 225 495 3/31/ 20xx: A sells to D for $165,000 cash 1. Sale? 2. Year up to date? *** 3. Year close? 4. AR? 165 5. ABPI? 75+30 6. Gain/loss realized? 7. Gain/loss recognized? 8. Character? ……..
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Prob 275:1(d) 8. Character? a. Any §751 assets? (i) any unr. rec? (real, deemed) (ii) any inventory? b. OI allocated to A if ABC sells §751 assets? 1/3 of 60 = 20 OI c. Remaining 40 is LTCG 9. No termination of partnership AB FMV ABPI FMV Cash 45 45 20xx income 0 90 Inventory 75 90 A 75 165 Accts rec. 0 45 B 75 165 Capital asset 105 225 C 75 165 225 495 225 495 3/31/ 20xx: A sells to D for $165,000 cash
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Sales of Partnership Interests: Sale During Year P’SHIP FY 9/1/06 - 8/31/07 PTNR TY 1/1/07 - 12/31/07 P’SHIP FY 9/1/07 - 8/31/08 sale PI 11/30/07 4/15/08 rtn due date 10/15/08 extension 12/15/08 due date: p’shp return & K-1 rec’d due date for 2007 tax pymts w/o interest & penalties
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Prob 275:2(a) AB FMV ABPI FMV Cash 45 45 Inventory 75 90 A 90 135 Accts rec. 45 45 B 90 135 Capital asset 105 225 C 90 135 270 405 270 405 accrual method 1/1/20xx: A sells to D for 135 cash Any §751 assets? (i) any unr. rec? (real, deemed) (ii) any inventory? OI under §751
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Prob 275:2(b) AB FMV ABPI FMV Cash 45 45 “Inventory” (invest.) 75 90 A 90 135 Accts rec. 45 45 B 90 135 Capital asset 105 225 C 90 135 270 405 270 405 accrual method 1/1/20xx: A sells to D for 135 cash A is dealer in the type of property the “inventory” is Any §751 assets? (i) any unr. rec? (real, deemed) (ii) any inventory?
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