User Account

All Pages

Discuss the similarities and differences between the tax

Assignment Help Accounting Basics
Reference no: EM131769421

Timothy is a 35 percent partner in the Total Partnership, a calendar-year-end entity. Timothy has an outside basis in his interest in Total of $198,000, which includes his share of the $45,000 of partnership liabilities. On December 31, Total makes a proportionate distribution of the following assets to Timothy:

Basis. FMV

Cash. $50,000. $50,000

Inventory. 65,000. 75,000

Land. 50,000. 65,000

Totals. $165,000. $180,000

1. for an operating distribution, outline the tax consequences (amount and character of recognized gain or loss, basis in distributed assets) of the distribution to Timothy.

2.For a liquidating distribution, outline the tax consequences (amount and character of recognized gain or loss, basis in distributed assets) of the distribution to Timothy.

3.Discuss the similarities and differences between the tax consequences of the operating distribution and the tax consequences of the liquidation distribution

Reference no: EM131769421

Questions Cloud

Identify the main sections of your analysis : Find an interesting article to discuss (e.g. something that occurred recently and had an impact on the markets, or was important for another good reason).
Determining the coefficient of friction : The mean radius of the screw of a square-threaded jackscrew is 25 mm. The pitch of the threads is 7.5 mm. If the coefficient of friction is 0.12.
What do you think about yourself and your own character : What do you think about yourself and your own "character"? "Integrity" and "authenticity" are two important words for the existentialist philosophers.
Calculate the average stress in the rod : A steel rod 30 mm in diameter and 18 m long is suspended vertically. Calculate the average stress in the rod due to its own weight at a section 9 m.
Discuss the similarities and differences between the tax : Discuss the similarities and differences between the tax consequences of the operating distribution and the tax consequences of the liquidation distribution
Write an ethics case report for final project : Your final project is an Ethics Case Report. It is assigned the first day of class and due the last day of class because it is designed to be cumulative.
Compute the receivables turnover and inventory turnover : The allowance for doubtful accounts was $2,500 on December 31, 2012, and $2,000 on December 31, 2011. Compute the Receivables turnover and Inventory turnover
Identify the acts of protest that the children engaged in : Children to engage in acts of protest, and most of the adults were perceived to turn a cheek to the mis treatment and discrimination
How many square timber posts : A platform 16 by 24 ft is to support a uniformly distributed load of 480 psf of surface. How many square timber posts whose nominal size is 4 by 4 in.

Reviews

Write a Review

Accounting Basics Questions & Answers

  What reasons support capitalizing these costs

Waste Management, Inc., regularly incurs costs (e. g., salaries, legal fees, travel) to find new locations for landfill sites. What reasons support capitalizing these costs? What reasons support expensing these costs?

  Balance in the allowance for doubtful accounts

Flip determined that the balance in the Allowance for Doubtful Accounts should be $2,650 after an aging of A/R schedule was completed.

  Bayside company entered into a lease agreement with shell

bayside company entered into a lease agreement with shell company to lease an asset that cost bayside 120000. the lease

  A company has the opportunity to sell 1000 extra units of

a company has the opportunity to sell 1000 extra units of product to a new customer outside the us. the price at which

  Organization mission-values important strategy formulation

Read the following: The leader of a local health care organization, Ken Janowski, has noticed other health care organizations successfully incorporating strategic management practices. Ken is considering using strategic management for his health c..

  Advantages and disadvantages of ideal versus normal standard

The comparative advantages and disadvantages of ideal versus normal standards.

  A business received an offer from an exporter for 20000

a business received an offer from an exporter for 20000 units of product at 15 per unit. the acceptance of the offer

  Company overall net operating income

The allocated general overhead represents fixed costs of the entire company, none of which would be avoided if the part were purchased instead of produced internally. If management decides to buy part 114 from the outside supplier rather than to c..

  Xyz company deposited 15000 in bank account in return for

xyz company deposited 15000 in a bank account in return for issuing shares in the corporation. this transaction would

  Find no mention of a charitable contribution pledge

the director's meeting, and authorizes a charitable contribution pledge of $20,000 to the local community college

  What is the value of your retirement plan

Assume that you contribute $190 per month to a retirement plan for 25 years. What is the value of your retirement plan after the 50 years

  What is the net operating cash flows for lense laboratories

Lense Laboratories' net income was $330,000. Given the account information below, what is the net operating cash flows for Lense Laboratories

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd