Susan, Steve, and Sandy own 15 , 35 , and 50 , respectively, in the SSS Partnership Susan sells securities for their $40,000 FMV to the partnership What are the tax implications of the following independent situations a Susans basis in the securities is $60,000 The three partners are siblings b Sus...

a Susan cannot recognize the loss because she is deemed to own 100 o ...

Susan, Steve, and Sandy own 15%, 35%, and 50%, respectively, in the SSS Partnership. Susan sells securities

Question:

Susan, Steve, and Sandy own 15%, 35%, and 50%, respectively, in the SSS Susan sells securities for their $40,000 FMV to the What are the tax implications of the following independent situations?
a. Susan’s basis in the securities is $60,000. The three partners are siblings.
b. Susan’s basis in the securities is $50,000. Susan is unrelated to the other partners.
c. Susan’s basis in the securities is $30,000. Susan and Sandy are sisters. The will hold the securities as an investment.
d. What are the tax consequences in Part a if the subsequently sells the securities to an unrelated third party for $70,000? For $55,000? For $35,000? Partnership
A legal form of business operation between two or more individuals who share management and profits. A Written agreement between two or more individuals who join as partners to form and carry on a for-profit business. Among other things, it states...