Financial Accounting Partnership Questions Homework Help
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1. At the beginning of the year, Robin’s basis in her 25% interest in R&B partnership is $4,000. That year, on Schedule K, R&B reports an ordinary loss of $36,000, taxable interest of $4,500, tax-exempt interest of $3,000, and Section 179 expense of $25,000. During the year, R&B’s debt increased by $42,000. Discuss the tax consequences of these partnership activities on Robin’s personal income tax return, and compute her basis in R&B partnership at the end of the year
2.At the beginning of the year, Bruce’s basis in his 40% interest in B&R partnership is $11,000. That year, on Schedule K, B&R reports ordinary income of $6,000, dividend income of $12,400, and charitable contributions of $16,000. During the year, B&R’s debt decreased by $25,000. Discuss the tax consequences of these partnership activities on Bruce’s personal income tax return, and compute his basis in B&R partnership at the end of the year
3. Brett performs services for ABC partnership. In return, Brett receives a 25% interest in ABC. At the time of the transfer, the assets of ABC are valued at $200,000.
a. How much gain or loss do Brett and ABC recognize from the transfer?
b. What is Brett’s basis in his partnership interest?
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4. Nikki and Nancy form N&N partnership. Nikki contributes $40,000 cash and a building worth $70,000 ($58,000 adjusted basis) in exchange for a 50% interest in N&N. Nancy contributes $10,000 and land worth $100,000 (basis of $120,000) in exchange for a 50% interest in N&N.
a. How much gain or loss do Nikki, Nancy, and N&N recognize from the transfer?
b. What is Nikki’s basis in her partnership interest?
c. What is Nancy’s basis in her partnership interest?
d. What is N&N’s basis in the assets it acquired on the transfer?
5. Paul and Kyle form PK partnership. Paul contributes land worth $100,000 ($75,000) in exchange for a 50% interest in PK. Kyle contributes $23,000 cash, his personal automobile worth $17,000 (basis of $32,000), and machinery worth $60,000 (basis of $37,000) in exchange for a 50% interest in PK.
a. How much gain or loss do Paul, Kyle, and PK recognize from the transfer?
b. What is Paul’s basis in his partnership interest?
c. What is Kyle’s basis in his partnership interest?
d. What is PK’s basis in the assets it acquired on the transfer?
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