What is melodys basis in inventory and in her mip interest

Reference no: EM131542977

Assignment

Part 1

At the beginning of the tax year, Melody's basis in the MIP LLC was $60,000, including her $40,000 share of the LLC's liabilities. At the end of the year, MIP distributed to Melody a cash amount of $10,000 and inventory (basis of $6,000, fair market value of $10,000). In addition, MIP repaid all of its liabilities by the end of the year.

a. If this is a proportionate non-liquidating distribution, what is the tax effect of the distribution to Melody and MIP? Respond to at least two of your classmates' posts.

b. After the distribution, what is Melody's basis in the inventory and in her MIP interest?

c. Would your answers to (a) change if this had been a proportionate liquidating distribution? Explain.

Part 2

Philosophers applied the three major ethical principles you learned in this class: Kant's Categorical Imperative, Utilitarianism, and Virtue Ethics. In a five paragraph essay, apply ONE ethical theory to decide the moral course of action in the medical case of the premature twins studied

Part 3

Topic is about : Historical Review of Information Warfare and strategic nature of information warfare.

You are required to keep a learning journal. Each week, you should add approximately one page to your journal on what you've observed, learned, or experienced that week. This journal is only viewable by you and the professor.

1 full page should be enough.

Reference no: EM131542977

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