The balance sheet of WER partnership is as follows: Adj. Basis FMV Adj. Basis FMV Inventory...

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The balance sheet of WER partnership is as follows: Adj. Basis FMV Adj. Basis FMV Inventory 27,000 36,000 J Wayne $15,000 $18,000 Cash 18,000 18,000 C Eastwood 15,000 18,000 totals $45,000 $54,000 R Rogers 15,000 18,000 $45,000 $54,000 R Rogers receives a current distribution of inventory valued at $9,000. a.1. What is R. Rogers's percentage ownership in the partnership after the distribution? 2. What is J Wayne's and C Eastwood's ownership percentages after the distribution? b. Determine the tax consequences to R Rogers, the partnership, and the other partners of this distribution. Answer the following questions. 1. Phantom distribution amount: 2. Tax Consequences of phantom distribution to R. Rogers. 3. Tax consequence to R Rogers of sell back of distributed property to the partnership. 4. Tax consequences to the partnership and partners of repurchase of distributed property. C. Final distribution and tax consequences to partner. 1. Amount of final distribution? 2. R Rogers outside basis after final distribution? 3. R Rogers total basis in the inventory? 4. Total gain and character recognized by R. Rogers? 5. Total gain and character recognized by J. Wayne and C. Eastwood? The balance sheet of WER partnership is as follows: Adj. Basis FMV Adj. Basis FMV Inventory 27,000 36,000 J Wayne $15,000 $18,000 Cash 18,000 18,000 C Eastwood 15,000 18,000 totals $45,000 $54,000 R Rogers 15,000 18,000 $45,000 $54,000 R Rogers receives a current distribution of inventory valued at $9,000. a.1. What is R. Rogers's percentage ownership in the partnership after the distribution? 2. What is J Wayne's and C Eastwood's ownership percentages after the distribution? b. Determine the tax consequences to R Rogers, the partnership, and the other partners of this distribution. Answer the following questions. 1. Phantom distribution amount: 2. Tax Consequences of phantom distribution to R. Rogers. 3. Tax consequence to R Rogers of sell back of distributed property to the partnership. 4. Tax consequences to the partnership and partners of repurchase of distributed property. C. Final distribution and tax consequences to partner. 1. Amount of final distribution? 2. R Rogers outside basis after final distribution? 3. R Rogers total basis in the inventory? 4. Total gain and character recognized by R. Rogers? 5. Total gain and character recognized by J. Wayne and C. Eastwood?