Review the following independent situations: a. Kelly receives her 20% partnership interest for a contribution of property having a $14,000 basis and a $17,000 FMV. The partnership assumes her $10,00...
Review the following independent situations: a. Kelly receives her 20% partnership interest for a contribution of property having a $14,000 basis and a $17,000 FMV. The partnership assumes her $10,00...
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Review the following independent? situations
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Kelly receives her 20?% partnership interest for a contribution of property having a $14,000 basis and a $17,000
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https://uopcourses.com/category/acc-455/
Review the following independent? situations:
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Kelly receives her 20?% partnership interest for a contribution of property having a $14,000 basis and a $17,000
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Kelly receives her 20?% partnership interest as a gift from a friend. The? friend's basis? (without considering partnership? liabilities) is
$34,000.
The FMV of the interest at the time of the gift is $36,000.
The partnership has liabilities of $100,000
when Kelly receives her interest. No gift tax was paid with respect to the transfer.
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Kelly inherits her 20?% interest from her mother. Her? mother's basis was $140,000.
The FMV of the interest is $120,000 on the date of death and $160,000
on the alternate valuation date. The executor chooses the date of death for valuing the estate. The partnership has no liabilities.
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Requirement
What is
Kelly?'s basis for her partnership interest in each of the independent? situations? The partners share the economic risk of loss from recourse liabilities according to their partnership interests. ?(Use parentheses or a minus sign for subtractions. Leave any unused cells? blank.)
Situation a.
Kelly receives her 20?% partnership interest for a contribution of property having a $14,000 basis and a $17,000 FMV. The partnership assumes her $10,000 recourse liability but has no other debts.
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Basis before adjustments
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Minus:
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Plus:
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Partnership interest basis
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Situation
b.
Kelly receives her 20?% partnership interest as a gift from a friend. The? friend's basis? (without considering partnership? liabilities) is $34,000.
The FMV of the interest at the time of the gift is $36,000.
The partnership has liabilities of $100,000 when Kelly receives her interest. No gift tax was paid with respect to the transfer.
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Basis before adjustments
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Minus:
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Plus:
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Partnership interest basis
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Situation c.
Kelly inherits her 20?% interest from her mother. Her? mother's basis was $140,000.
The FMV of the interest is $120,000 on the date of death and $160,000
on the alternate valuation date. The executor chooses the date of death for valuing the estate. The partnership has no liabilities.
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Basis before adjustments
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Minus:
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Plus:
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Partnership interest basis
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Review the following independent? situations
Kelly receives her 20?% partnership interest for a contribution of property having a $14,000 basis and a $17,000
https://uopcourses.com/category/acc-455/
Review the following indep
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