Nonliquidating distribution

Assignment Help Financial Accounting

Reference no: EM131211163

Need the partner's basis in the distributed (noncash) property for the following questions:

1) Melissa's adjusted basis in her Statesboro Partnership interest was $32,000 when she received a nonliquidating distribution of $13,000 cash and a property with an AB to Statesboro of $25,000 and a FMV of $28,000.

2) Lucy has a $50,000 basis in the Diamond partnership interest. She received a liquidating distribution of $10,000 cash and land with a FMV of $43,000 and a basis of $38,000.

Reference no: EM131211163

Questions Cloud

Determine the earnings per share and price-earnings ratio : The following information was taken from the financial statements of Finn Resources Inc. for December 31 of the current fiscal year: For the common stock, determine (a) the earnings per share, (b) the price-earnings ratio, (c) the dividends per share..

What are the tax consequences of these transactions : On January 1, 2015, Marjani transfers shares with a fair market value of $250,000 to a newly established inter vivos trust to benefit her 25 year old son, Naeem. The cost of these securities to Marjani was $80,000. What are the tax consequences of th..

What are the tax consequences of these two transfers : In 2014, Emilio, who is 82 years old, transfers property with an adjusted cost base of $400,000 and a fair market value of $750,000 to an inter vivos family trust to benefit his 3 adult children. What are the tax consequences of these two transfers?

Deferred tax liability : B Co. reported a deferred tax liability of $24 million for the year ended December 31, 2015, related to a temporary difference of $60 million. The tax rate was 40%. The temporary difference is expected to reverse in 2017 at which time the deferred ta..

Nonliquidating distribution : Melissa's adjusted basis in her Statesboro Partnership interest was $32,000 when she received a nonliquidating distribution of $13,000 cash and a property with an AB to Statesboro of $25,000 and a FMV of $28,000. Lucy has a $50,000 basis in the Diamo..

What bond payable amount will park report : Park Corporation is planning to issue bonds with a face value of $600,000 and a coupon rate of 7.5 percent. The bonds mature in four years and pay interest semiannually every June 30 and December 31. What bond payable amount will Park report on its J..

The injured persons were awarded personal injury judgments : Tina Grey bought a new Honda Civic and insured it with only 10/20/5 compulsory insurance. Driving up to her ski chalet one snowy evening, Tina hit a parked van and injured the couple inside. Tina’s car had damage of $6,500, and the van she struck had..

Prepare the appropriate journal entries : On January 1, 2016, Cobbler Corporation awarded restricted stock units (RSUs) representing 30 million of its $1 par common shares to key personnel, subject to forfeiture if employment is terminated within three years. Determine the total compensation..

Compute the current ratio and acid-test ratio : Selected year-end financial statements of Cabot Corporation follow. (All sales were on credit; selected balance sheet amounts at December 31, 2012, were inventory, $55,900; total assets, $199,400; Compute the following: current ratio, acid-test rati..

User Account

All Pages