Identify any gain or loss as a result of this distribution

Assignment Help Financial Accounting

Reference no: EM1376097

1.. When property is contributed to a partnership for a profits and capital interest, the holding period of contributing partner's interest:
a. May add the holding period of the contributed property.
b. Always starts day after contribution date.
c. Always starts day the property was contributed.
d. Never adds the holding period of contributed property.
e. None of the above.

2.. 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 inventory, and in partnership interest immediately following the distribution.

Reference no: EM1376097

Questions Cloud

Illustrate what is the probability that he or she will cold : Given that a worker is involved in an exercise program, illustrate what is the probability that he or she will be a cold next yr.

Evaluated that the total estimated life : evaluated that the total estimated life should be 10 years with a salvage value of $5,490 at end of that time. Consider straight-line depreciation.

Social responsibility- some companies like the newman''s : Social Responsibility- Some companies like the Newman's Own Brand have built a business model on social responsibility. Find another instance of such socially responsible firm

How hospital-billing auditor has been examining patient bill : A hospital-billing auditor has been examining patient bills. Although almost all bills contain some errors, the defect rate has been 16percent.

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

What percent of the sample denotes will be greater : What percent of the sample denotes will be greater than 162 seconds? What percent of the sample denotes will be greater than 153 but less than 162 seconds?

Elucidate how long will it take to produce the unit : The first unit took 85 hrs to produce. Depend on past experience with manufacturing similar units, Cambridge estimates that the learning rate is 93 percent. Elucidate how long will it take to produce the 5th unit.

Calculate value of the t-statistic : Suppose you have some information on a sample of investment bankers, and are interested in impacts of height and of seniority on their success.

Designate a company with whose headquarters are located : Designate a company with whose headquarters are located in the state in which you live. Use the Internet to research the company as well as any major initiatives

User Account

All Pages