please simply verify answers expecially section D. Thanks!
+ intakeAssignment/takeAssignmentMain.dolinvoker=&takeAssignmentSessionlocators &inprogress=false eBook Problem 21 43 (LO. 9, 10, 12, 17) The BCD Partnership plans to distribute cash of $20,000 to partner Brad at the end of the tax year. The partnership reported a loss for the year, and Brad's share of the loss is $10,000. At the beginning of the tax year, Brad's basis in his partnership Interest, including his share of partnership abilities, was $15,000. The partnership expects to report substantiat income in future years If an amount is zero, "O". a. Generally, in what order are the allocated items applied for calculating Brad's ending basis in his partnership interest? . Last Second Losses may be deducted under $ 704(d). Distributions from the partnership decrease basi Contributions and income items increase the basis Allocation of deductions First Last b). How much gain or loss will Brad report for the tax year? As a result of the 20.000 distribution, Brad's basis Year 15,000 and reports a 5,000 gain for the How will the deduction for the $10,000 o be treated by the It is suspended and carried and 1 35 O F F5 611 EU 5 6 8 9 U P E R Select the + Try/takeAssignment/takeAssignmentMain doinvokere&takeAssignmentSession Locatore&inprogress=false eBook a. Generally, in what order are the allocated items applied for calculating Brad's ending basis in his partnership Interest? Losses may be deducted under $ 704(d), Distributions from the partnership decrease basis, Second Contributions and income items increase the basis, First Allocation of deductions Last 15,000 and reports 5,000 gain for the b. How much gain or loss will Brad report for the tax year? As a result of the $20,000 distribution, Brad's basis is year C. How will the deduction for the $10,000 loss be treated by Brad? It is suspended and carried forward. d. Select the "Yes" as something that could be done to minimize any negative tax ramifications of the distribution or this can not be done The partnership can make the distribution at the beginning of the following tax year Yes Yes The partnership could incur additional (short-term) debt at the end of the year Brad can allocate his loss to another partner Ves o E * 5 7 8 E R T U + intakeAssignment/takeAssignmentMain.dolinvoker=&takeAssignmentSessionlocators &inprogress=false eBook Problem 21 43 (LO. 9, 10, 12, 17) The BCD Partnership plans to distribute cash of $20,000 to partner Brad at the end of the tax year. The partnership reported a loss for the year, and Brad's share of the loss is $10,000. At the beginning of the tax year, Brad's basis in his partnership Interest, including his share of partnership abilities, was $15,000. The partnership expects to report substantiat income in future years If an amount is zero, "O". a. Generally, in what order are the allocated items applied for calculating Brad's ending basis in his partnership interest? . Last Second Losses may be deducted under $ 704(d). Distributions from the partnership decrease basi Contributions and income items increase the basis Allocation of deductions First Last b). How much gain or loss will Brad report for the tax year? As a result of the 20.000 distribution, Brad's basis Year 15,000 and reports a 5,000 gain for the How will the deduction for the $10,000 o be treated by the It is suspended and carried and 1 35 O F F5 611 EU 5 6 8 9 U P E R Select the + Try/takeAssignment/takeAssignmentMain doinvokere&takeAssignmentSession Locatore&inprogress=false eBook a. Generally, in what order are the allocated items applied for calculating Brad's ending basis in his partnership Interest? Losses may be deducted under $ 704(d), Distributions from the partnership decrease basis, Second Contributions and income items increase the basis, First Allocation of deductions Last 15,000 and reports 5,000 gain for the b. How much gain or loss will Brad report for the tax year? As a result of the $20,000 distribution, Brad's basis is year C. How will the deduction for the $10,000 loss be treated by Brad? It is suspended and carried forward. d. Select the "Yes" as something that could be done to minimize any negative tax ramifications of the distribution or this can not be done The partnership can make the distribution at the beginning of the following tax year Yes Yes The partnership could incur additional (short-term) debt at the end of the year Brad can allocate his loss to another partner Ves o E * 5 7 8 E R T U
