Distributions Determine the gain, loss, adjusted basis of the partnership interest and basis in asset received in
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Question:
Distributions | |||||||
Determine the gain, loss, adjusted basis of the partnership interest and basis in asset received | |||||||
in the following independent situations: | |||||||
1. Basis of Partnership Interest: $6,000 | |||||||
Asset Distributed: Cash of $4,000 (Nonliquidating) | |||||||
Gain or (Loss): _______________ | |||||||
Basis of Partnership ______________ | |||||||
Basis of Asset Rec. (Inc. Cash) _______________________ | |||||||
2. Basis of Partnership Interest: $6,000 | |||||||
Asset Distributed: Cash of $14,000 (Nonliquidating) | |||||||
Gain or (Loss): ______________________ | |||||||
Basis of Partnership _______________ | |||||||
Basis of Asset Rec. (Inc. Cash) ________________ | |||||||
3. Basis of Partnership Interest: $6,000 | |||||||
Asset Distributed: Inventory of $14,000 (Nonliquidating) | |||||||
Gain or (Loss): _________________ | |||||||
Basis of Partnership _________________ | |||||||
Basis of Asset Rec. __________________ | |||||||
4. Basis of Partnership Interest: $6,000 | |||||||
Asset Distributed: Cash of $4,000 (liquidating) | |||||||
Gain or (Loss): ______________ | |||||||
Basis of Partnership _______________ | |||||||
Basis of Asset Rec. (Inc. Cash) ______________ | |||||||
5. Basis of Partnership Interest: $6,000 | |||||||
Asset Distributed: Cash of $14,000 (liquidating) | |||||||
Gain or (Loss): __________________________ | |||||||
Basis of Partnership _________________ | |||||||
Basis of Asset Rec. (Inc. Cash) _______________ | |||||||
6. Basis of Partnership Interest: $6,000 | |||||||
Asset Distributed: Inventory of $4,000 (liquidating) | |||||||
Gain or (Loss): _______________ | |||||||
Basis of Partnership _______________ | |||||||
Basis of Asset Rec. _________________ | |||||||
Related Book For
Federal Taxation 2016 Comprehensive
ISBN: 9780134104379
29th Edition
Authors: Thomas R. Pope, Timothy J. Rupert, Kenneth E. Anderson
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