Does hayden identify any gain or loss

Assignment Help Financial Accounting

Reference no: EM1376081

Hayden's outside basis in his interest in HIGH Partnership is $420,000. In a proportionate non - liquidating distribution, the partnership distributes to him cash of $100,000, inventory (fair market value of $90,000, basis to partnership of $60,000), and land (fair market value of $100,000, basis to partnership of $75,000). The partnership continues in existence.

A. Does partnership identify any gain or loss as a result of this distribution?

B. Does Hayden identify any gain or loss as a result of this distribution?

C. Evaluate Hayden's basis in the land, in the inventory, and in partnership interest immediately subsequent the distribution.

Reference no: EM1376081

Questions Cloud

The function will search for an exact match in the range : The function will search for an exact match in the range named Membership and return the down payment from the third column.

Which factors would you recommend that manager investigate : Which of the following factors would you recommend that the manager investigate: quality problems, absentee is more scheduling also balancing. Elucidate your reasoning. It is not sure how to elucidate in Operation MGT terms.

Find what are cost objects : Find what purposes are served by Shelter Partnership's cost information and Find what are cost objects?

Hr manager in a hospital have a countless responsibilities : As a new HR manager in a hospital you have a countless of responsibilities. How do you conclude which duties are strategic, which duties influence the internal and external environment

Does hayden identify any gain or loss : Does Hayden identify any gain or loss as a result of this distribution and evaluate Hayden's basis in the land, in the inventory, and in partnership interest immediately subsequent the distribution.

Illustrate what problems might an organization encounter : Illustrate what problems might an organization encounter in doing AAP that it might not encounter in regular staffing planning.

Illustrate what data management problems have arisen : Illustrate what data management problems have arisen. Elucidate how has MySpace solved or attempted to solve these problems.

Evaluate taxable income with the above information : Texark Inc., a calendar year taxpayer, reported $5,210,300 total income before tax on its financial statements prepared in accordance with GAAP How do evaluate taxable income with the above information?

Illustrate what about blockbuster evolution : Illustrate what about Blockbuster's evolution also current business strategy may pose problems going forward.

User Account

All Pages