can you save the picture then open it on your computer? This is an advanced federal income tax question
Lorene has a $23,000 basis in her partnership interest before receiving a current distribution of $12,000 cash and land with a $33,000 FMV and a $10,000 basis to the partnership Assume that any distribution involving Sec. 751 property is pro rata, that any precontribution gains have been recognized before the distribution, and that no Sec. 754 election is in effect. Read the requirements. Requirement a. Determine Lorene's recognized gain or loss, Lorene's basis in distributed property, and Lorene's ending basis in her partnership interest. (Complete all input fields. Enter a "0" for any zero balances. Use a minus sign or parentheses to enter a loss.) Lorene's recognized gain or loss is Lorene's basis in the land is Lorene's ending basis in her partnership interest is Requirement b. How does your answer to Part a change if the partnership's basis in the land is $17,000 instead of $10,000? (Complete all input fields. Enter a "0" for any zero balances. Use a minus sign or parentheses to enter a loss.) Lorene's recognized gain or loss is Lorene's basis in the land is Lorene's ending basis in her partnership interest is Requirement c. How does your answer to Part a change if Lorene receives 526,000 cash instead of $12,000 (along with the land)? (Complete all input fields. Enter a "0" for any zero balances. Use a minus sign or parentheses to enter a loss.) Lorene's recognized gain or loss is Lorene's basis in the land is Lorene's ending basis in her partnership interest is Requirement d. How does your answer to Part a change if, in addition to the cash and land, Lorene receives inventory with a $23,000 FMV and a $6,000 basis and receivables with a $4,500 FMV and a zero basis? (Complete all input fields. Enter a "0" for any zero balances. Use a minus sign or parentheses to enter a loss.) Lorene's recognized gain or loss is Lorene's basis in the inventory is Lorene's basis in the receivables is Lorene's basis in the land is Lorene's ending basis in her partnership interest is Requirement e. Suppose instead that Lorene receives the distribution in Part a from a C corporation instead of a partnership. The corporation has $105,000 of E&P-earnings and profits-before the distribution, and Lorene's stock basis before the distribution is $23,000. What are the tax consequences to Lorene and the C corporation? (Complete all input fields. Enter a "0" for any zero balances. Use a minus sign or parentheses to enter a loss or to show a decrease in earnings and profits.) Amount Type The C corporation's gain or loss is Lorene recognizes a Requirement e. Suppose instead that Lorene receives the distribution in Part a from a C corporation instead of a partnership. The corporation has $105,000 of E&P-earnings and profitsbefore the distribution, and Lorene's stock basis before the distribution is $23,000. What are the tax consequences to Lorene and the C corporation? (Complete all input fields. Enter a "0" for any zero balances. Use a minus sign or parentheses to enter a loss or to show a decrease in earnings and profits.) Amount Type The C corporation's gain or loss is Lorene recognizes a Lorene's basis in the land is Lorene's ending basis in her corporate stock is Requirement f. Suppose instead that Lorene receives the distribution in Part a from an S corporation instead of a partnership. Lorene is a 50% owner in the corporation, and her stock basis before the distribution is $23,000. What are the tax consequences to Lorene and the Scorporation? (Complete all input fields. Enter a "O" for any zero balances. Use a minus sign or parentheses to enter a loss or to show a decrease in earnings and profits.) The Scorporation's gain or loss is Lorene's recognized pass-through gain (loss) is Lorene's basis before the distribution Lorene's additional capital gain (loss) on the distribution is Lorene's basis in the land is Lorene's ending basis in her corporation stock is Lorene has a $23,000 basis in her partnership interest before receiving a current distribution of $12,000 cash and land with a $33,000 FMV and a $10,000 basis to the partnership Assume that any distribution involving Sec. 751 property is pro rata, that any precontribution gains have been recognized before the distribution, and that no Sec. 754 election is in effect. Read the requirements. Requirement a. Determine Lorene's recognized gain or loss, Lorene's basis in distributed property, and Lorene's ending basis in her partnership interest. (Complete all input fields. Enter a "0" for any zero balances. Use a minus sign or parentheses to enter a loss.) Lorene's recognized gain or loss is Lorene's basis in the land is Lorene's ending basis in her partnership interest is Requirement b. How does your answer to Part a change if the partnership's basis in the land is $17,000 instead of $10,000? (Complete all input fields. Enter a "0" for any zero balances. Use a minus sign or parentheses to enter a loss.) Lorene's recognized gain or loss is Lorene's basis in the land is Lorene's ending basis in her partnership interest is Requirement c. How does your answer to Part a change if Lorene receives 526,000 cash instead of $12,000 (along with the land)? (Complete all input fields. Enter a "0" for any zero balances. Use a minus sign or parentheses to enter a loss.) Lorene's recognized gain or loss is Lorene's basis in the land is Lorene's ending basis in her partnership interest is Requirement d. How does your answer to Part a change if, in addition to the cash and land, Lorene receives inventory with a $23,000 FMV and a $6,000 basis and receivables with a $4,500 FMV and a zero basis? (Complete all input fields. Enter a "0" for any zero balances. Use a minus sign or parentheses to enter a loss.) Lorene's recognized gain or loss is Lorene's basis in the inventory is Lorene's basis in the receivables is Lorene's basis in the land is Lorene's ending basis in her partnership interest is Requirement e. Suppose instead that Lorene receives the distribution in Part a from a C corporation instead of a partnership. The corporation has $105,000 of E&P-earnings and profits-before the distribution, and Lorene's stock basis before the distribution is $23,000. What are the tax consequences to Lorene and the C corporation? (Complete all input fields. Enter a "0" for any zero balances. Use a minus sign or parentheses to enter a loss or to show a decrease in earnings and profits.) Amount Type The C corporation's gain or loss is Lorene recognizes a Requirement e. Suppose instead that Lorene receives the distribution in Part a from a C corporation instead of a partnership. The corporation has $105,000 of E&P-earnings and profitsbefore the distribution, and Lorene's stock basis before the distribution is $23,000. What are the tax consequences to Lorene and the C corporation? (Complete all input fields. Enter a "0" for any zero balances. Use a minus sign or parentheses to enter a loss or to show a decrease in earnings and profits.) Amount Type The C corporation's gain or loss is Lorene recognizes a Lorene's basis in the land is Lorene's ending basis in her corporate stock is Requirement f. Suppose instead that Lorene receives the distribution in Part a from an S corporation instead of a partnership. Lorene is a 50% owner in the corporation, and her stock basis before the distribution is $23,000. What are the tax consequences to Lorene and the Scorporation? (Complete all input fields. Enter a "O" for any zero balances. Use a minus sign or parentheses to enter a loss or to show a decrease in earnings and profits.) The Scorporation's gain or loss is Lorene's recognized pass-through gain (loss) is Lorene's basis before the distribution Lorene's additional capital gain (loss) on the distribution is Lorene's basis in the land is Lorene's ending basis in her corporation stock is
