User Account

All Pages

Tmothy is a 35 percent partner in the total partnership a

Assignment Help Accounting Basics
Reference no: EM13568486

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: EM13568486

Questions Cloud

General motors exports cars to spain but the strong dollar : general motors exports cars to spain but the strong dollar against the peseta hurts sales of gm cars in spain. in the
What will be the effects of an increase in the money : what will be the effects of an increase in the money supply on the interest rate? what will be the effects of an
England company had gross wages of 50000 during the week : england company had gross wages of 50000 during the week ended december 10. the amount of wages subject to federal and
Burgh industries sold 190000 of kitchen appliances during : burgh industries sold 190000 of kitchen appliances during september under a one-year warranty. the cost to repair
Tmothy is a 35 percent partner in the total partnership a : timothy is a 35 percent partner in the total partnership a calendar-year-end entity. timothy has an outside basis in
What should be the current market value of the following : what should be the current market value of the following bond? hint use an appropriate financial calculation. coupon
O august 1 2013 hullie amp oates issued a 9-month note : prepare in journal entry form the adjusting journal entries for the following items. on june 1 2013 a 36-month
Go to httpwwwfbigovucrucrhtmcius again scroll down to the : go to httpwww.fbi.govucrucr.htmcius again. scroll down to the section entitled hate crime statistics and click on
Each year when crime in the united states is published : the uniform crime reports page on the fbi government web site provides links for their annual crime in the united

Reviews

Write a Review

Accounting Basics Questions & Answers

  The conversion of preferred stock to common sick

The conversion of preferred stock to common sick is disclosed in the financing section of the of cash flows true or false?

  Mary tan is the controller for duck associates a property

mary tan is the controller for duck associates a property management company in portland oregon. each year tamn and

  Transferred to contributed capital

On July 2, 2010, Tobias declared a 15 percent stock dividend to be distributed on August 6, 2010, to shareholders of record on July 16, 2010. What amount of retained earnings should be transferred to contributed capital because of this dividend?

  Long-range goals in business organizations

Discuss the need for long-range goals in business organizations and discuss how long-range goals are established.

  Company forecasts the total overhead

The Thomlin Company forecasts that total overhead for the current year will be $15,000,000 and that total machine hours will be 200,000 hours. Year to date, the actual overhead is $15,500,000 and the actual machine hours are 220,000 hours.

  Problem regarding debt investments

Debt investments are recorded at the : a. face value of the bonds purchased. b. face value of the bonds purchased plus interest. c. price paid for the bonds plus interest. d. price paid for the bonds plus brokerage fees

  Journal entries to record expenditure and amortization

Assume that at January 1,2012 the carrying amount of the patent on Celine Dion's books s $43,200. In January, Celine Dion spends $24,000 successfully defending a patent suit. Celine Dion still feels the patent will be useful until the end of 2019...

  Income statement for brothers lawn service

After six months of operation, Brothers' Lawn Service had the following revenue and expense account balances:

  Three classifications within net income

Discuss how the authoritative literature addresses comprehensive income. Define three classifications within net income and give an example of each. Define three classifications within other comprehensive income and give an example of each.

  Specific identification inventory valuation method

Judy's Cars, Inc. sells collectible automobiles to consumers. Judy employs the specific identification inventory valuation method.

  Comparative analysis-common size and dupont formula

Compute a common-size analysis in Excel and discuss the differences between the two corporations.

  Which statement is true regarding accounting and time frames

Which statement is true regarding accounting and time frames?

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