Answered step by step
Verified Expert Solution
Question
1 Approved Answer
NB. The answers highlighted/shown are all wrong. thanks Question 9 0/1 point A partnership distributes inventory with an inside basis of $30,000 and a value
NB. The answers highlighted/shown are all wrong. thanks
Question 9 0/1 point A partnership distributes inventory with an inside basis of $30,000 and a value of $60,000 to its three partners who have a outside basis of $200,000 in their partnership before this distribution. What is the total outside basis of the partners after this transaction is completed? DO NOT USE COMMAS OR DOLLAR SIGNS IN YOUR ANSWER!! Answer: 230000 Question 11 0/1 point A partnership distributes inventory with an inside basis of $30,000 and a value of $60,000 to its three partners who have a outside basis of $200,000 in their partnership before this distribution Under normal partnership distribution rules, what is the amount of partners' total basis in the inventory received? DO NOT USE COMMAS OR DOLLAR SIGNS IN YOUR ANSWER!! If the answer is $0, enter as 0, not 0.0 Answer: 90000 Question 17 0/1 point Tracey has a $10,000 outside basis in her partnership interest at the beginning of the year. At the end of the year, she is allocated $5,000 of partnership profits and is given a cash distribution of $13,000. How much taxable income is recognized by Tracey as a result of these items? DO NOT USE COMMAS OR DOLLAR SIGNS IN YOUR ANSWER!! Answer: 0 Question 18 0/1 point Talley has a $10,000 outside basis in her partnership interest at the beginning of the year. At the end of the year, she is allocated $1,000 of partnership loss, released from $2,000 of partnership liabilities, and is given a cash distribution of $10,000 What is the amount of gain is recognized by Talley? DO NOT USE COMMAS OR DOLLAR SIGNS IN YOUR ANSWER!! IF THE ANSWER IS ZERO, ENTER AS O, NOT 0.0. Answer: 7000 Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started