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Hayden's outside basis in his interest in the HIGH Partnership is $420,000. In a proportionate nonliquidating distribution, the partnership distributes to him cash of $100,000, inventory (fair market value of $90,000, basis to the partnership of $60,000), and land (fair market value of $100,000, basis to the partnership of $75,000). The partnership continues in existence.
A. Does the partnership recognize any gain or loss as a result of this distribution?
B. Does Hayden recognize any gain or loss as a result of this distribution?
C. Calculate Hayden's basis in the land, in the inventory, and in the partnership interest immediately following the distribution.
During the year just ended, Kerry Company's income under absorption costing was $3,000 lower than its income under variable costing.
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Shue withdrew $240,000 as withdrawals and contributed equipment valued at $50,000 to the partnership. What was the net income of the Financial Brokers Partnership for 2008?
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Questions about accounting problems on payroll, reciepts and sales.
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