Amy is a partner in xiowa partners her basis in the

Reference no: EM13576670

Amy is a partner in Xiowa Partners. Her basis in the partnership interest is $69,000. In a non-liquidating distribution, Amy receives three properties. Prop 1 fmv is $20,000, and had a tax basis of $30,000. Prop 2 fmv is $18,000 and had basis of $23,000. Prop 3 fmv is $32,000 and basis of $22,000. All three properties are capital assets.

Will Amy recognize any taxable gain or loss on receipt of the non-liquidating distribution?
What basis will Amy take in properties 1,2, & 3?
What will be Amy's remaining tax basis in her partnership interest?

Reference no: EM13576670

Questions Cloud

Business organizations own various types of assets and have : business organizations own various types of assets and have various types of liabilities and my even have various

In 2013 x companys profits were 150000 in 2014 the selling : in 2013 x companys profits were 150000. in 2014 the selling price is expected to be 44.3 the variable cost per unit is

Prepare a schedule of cost of goods manufactured for the : the pacific manufacturing company operates a job-order costing system and applies overhead cost to jobs on the basis of

Misty owns stock in violet inc for which her adjusted basis : misty owns stock in violet inc. for which her adjusted basis is 75000. she receives a cash distribution of 52000 from

Amy is a partner in xiowa partners her basis in the : amy is a partner in xiowa partners. her basis in the partnership interest is 69000. in a non-liquidating distribution

Eden contributed 30000 in cash to the business to receive a : the abcd partnership has the following balance sheet at january 1 2013 prior to the admission of new partner eden.cash

Eed sharp and tucker were partners with capital account : reed sharp and tucker were partners with capital account balances of 80000 100000 and 70000 respectively. they agreed

Muller corp pays its employees monthly the payroll : muller corp. pays its employees monthly. the payroll information listed below is for january 2013 the first month of

Matrix inc acquired 25 of neo enterprises for 2000000 on : matrix inc acquired 25 of neo enterprises for 2000000 on january 1 2011. the fair value and book value of 25 of neos

User Account

All Pages