What are amys bases in the land and her partnership interest

Assignment Help Financial Accounting

Reference no: EM132881

Question :

1. The adjusted basis of Amy's partnership interest was $28,000 before receiving a proportionate present distribution. The distribution consisted of inventory with a basis of $16,000 and a fair market value of $13,000, and (2) land with a basis of 000 and fair market value of $20,000. What are Amy's bases in the land and her partnership interest after distribution?

Land basis:_____________

Basis for partnership interest; $______________

2. In give question above, what would be the basis of the land if the distribution of the inventory and land was a proportionate liquidating distribution which totally terminated Amy's partnership interest?

Land basis:$_____________

3. In 2007, Beth contributed land with a basis to her of $50,000 and a reasonable market value of $80,000 to a partnership in exchange for a 20% partnership interest. Through 2010, the partnership sold the land for $85,000 to an unrelated third party. What amount of profit from the partnership's sale of the land should be allocated to Beth?

$______________

4. Mike and Jay are equal partners in the LAN partnership, which was formed on January 2, 2010 when each contributed $10,000 cash. Jay received a guaranteed payments in the current the year of $28,000. After payment of the guaranteed payments, the partnership operations resulted in a $20,000 profit. The LAN partnership had $000 in outstanding liabilities on December 31, 2010. Consider there were no distributions to the partners, what net amount of income can Jaay report for 2010 as a result of his partnership interest?

Consider the same facts as in #4, what is Mikes basis for his partnership interest on January 1, 2011?

_______________________

Consider the same facts as in #4, what is Jays basis for his partnership interest on January 1, 2011?

Reference no: EM132881

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