1. Al has a fiscal year ending in October. Beau has a fiscal year ending in June. Carina has a calendar year. They form the ABC partnership with the following interests in capital and profits: Al and Beau each have 44 percent, and Carina has 12 percent. What is the partnerships taxable year? The partnership desires to adopt a fiscal year ending February 28. What is the result? 2. Angie and Carmen form the AC partnership, with each owning a 50% interest. Angie contributes $40,000 and a personal automobile worth $20,000, with an adjusted basis of $25,000, owned 10 years. Carmen contributes a Minolta copier, held several years, with a gross value of $69,000, subject to a $9,000 recourse liability (thus, the net value of the copier is $60,000); the copiers adjusted basis is $10,000. Determine whether Angie and Carmen have any gain or loss on formation of the AC partnership, the tax basis and holding period of each partners partnership interest, and the tax basis and holding period to the partnership with respect to each asset. 3. Nora transfers real property with a basis of $2,000,000 and a fair market value of $10,000,000 to an existing partnership for an interest therein. Shortly thereafter, the partnership distributes $3,000,000 to Nora. Describe the tax consequences to Nora. Would your answer differ if the distribution to Nora occurred three years after the contribution? Does it matter if Nora incurred $1,000,000 in capital improvements to the contributed property within 2 years of the contribution