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

2. Year up to date?
3. Year close?
4. AR?
5. ABPI?
6. Gain/loss realized?
7. Gain/loss recognized?
8. Character? ……..

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

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? ……..

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

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? ……..

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

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? ……..

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

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

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

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?