QUESTION Far Market V5/2000) Edda 000 Maris ( Asted - 324000 FMV4000 CAA V-52644000) As a resulthidation has 524.000 Ordinary income and 1.20.000 Capital No Record Gain or loss 540.000 Ordinary income and 5-0 Catalan 120.000 Ordinary income and 24.000 Capital QUESTION 13 Amela's Interest in the equal JMH Partnership is liquidated when the AMC Partership makes a Liquidating Distribution to Amalia and the remaining Partners assume Amelia's share of the Partnership Liabilities. Amelia receives 54.000 in Cash, Accounts Receivable of $24.000 (Fair Market Value) and Equipment worth (Fair Market Value) of 552.000 On the date of the Liquidation the Partnership's Cash Basis Balance Sheet reflected the following Cash (Adjusted Basis - 36.000 Ft Market Value $36.000). Unrealized Receivable usted basis 50 Fair Market Value - 372.000). Equipment (Adjusted Basis - 596.000. Fair Market Value - 3156.000) (Total Assets Adjusted Basis - $132.000. Fair Market Value - 5264 000) Notes Payable (Adjusted Basis. $24,000. Fair Market Value $24,000) Capital Account Amelia Capital (Adjusted Basis $36.000 Fair Market Value $80.000), Mercedes Capital Adjusted Basis $36000 Fair Market Value $80,000), Casey Capital (Adjusted Basis - $36.000Far Market Value 580,000) (Total Liabilities And Equity (Capital Adjusted Basis $132.000 Fair Market Value - $264,000). As a result of this Liquidation Amelia has $24.000 Ordinary income and $20,000 Capital Gain JUDOU Lock at the beginning of the year of 2020 What amount of the Long Term Capital loss can say on her personal Federal Income Tax Return (Form 1040) for the year of 2020? PUIDUULI $36.000 $ 8.000 $6.000 $20.000 QUESTION 13 Amelia's Interest in the equal JMH Partnership is liquidated when the AMC Partership makes a Liquidating Distribution to Amalia and the remaining Partners aume Amelia's share of the Partnership Liabilities. Amelia receives $4.000 in Cash Accounts Receivable of 524.000 (Fair Market Value) and Equipment worth (Fair Market Value of 552.000. On the date of the Liquidation, the Partnership's Cash Basis Balance Sheet reflected the following: Cash (Adjusted Basis - $36,000, Fair Market Value - 536000)Unreakzed Receivable (Adjusted Basis - 50 Fair Market Value $72,000). Equipment (Adjusted Basis - 596,000. Fair Market Value - $156.000) (Total Assets: Adjusted Basis - $132.000 Fair Market Value - 5264 000) Notes Payable (Adjusted Basis - $24,000; Fair Market Value - $24.000), Capital Accounts: Amelia Capital (Adjusted Basis - $36.000 Fair Market Value - 580.000), Mercedes Capital (Adjusted Basis $36.000. Fair Market Value - 580,000), Casey Capital (Adjusted Basis. 536,000 Fair Market Value - 580,000) (Total Liabilities And Equity (Capital Adjusted Basis - $132.000 Fair Marke Value - 5264,000). As a result of this Liquidation, Amelia has $24.000 Ordinary Income and $20,000 Capital Gain No Recognized Gain or Loss $40,000 Ordinary Income and 5-0 Capital Gain $20,000 Ordinary Income and $24.000 Capital Gain QUESTION 14 Mercedes contributes Land to the MA Partnership which she purchased five (5) years ago. The Holding Period of the Land contributed to the MA Partnership by Mercedes (is) Begins on the day of the contribution Save Click Save and Submit to save and submit. Click Save All Answers to save all answers. DOLL Amella's Interest in the agual JMH Partnership is liquidated when the AMC Partership makes a Liquidating Distribution to Amella and the remaining Partners sume Amelid's share of the Partnership Liabilities. Amella recolves $4,000 in Cash Accounts Receivable of $24000 (Fair Market Value) and Equipment worth (Fail Market Value of $52.000 On the date of the Liquidation, the Partnership's Cash Basis Balance Sheet reflected the following Cash (Adjusted Basis - 536.000. Fair Market Value - 36000. Unrealized Receivable (Adjusted Basis 5-0. Fair Market Value - 572000). Equipment (Adjusted Basis - 596.000. Fair Market Value - 3156,000) (Total Assets Adjusted Basis. $132.000 For Market Value - 5264 000) Notes Payable (Adjusted Basis $24.000 Fair Market Value $24,000) Capital Accounts Amelia Capital (Adjusted Basis $36.000 Fair Market Value 500.000) Mercedes Capital Adjusted Basis $36.000 Fair Market Value $80.000), Casey Capital (Adjusted Basis - $36.000 Far Market Value - 580,000) (Total abilities And Equity (Capital Asted B132.000 For Mark Value - 5264,000). As a result of this Liquidation, Amelia has $24,000 Ordinary income and $20,000 Capital Gain No Recognized Gain or loss $40,000 Ordinary Income and 5-0. Capital Gain $20,000 Ordinary Income and $24,000 Capital Gain QUESTION 13 Amela's Interest in the qualUMH Partnership is liquidated when the AMC Partership makes a Liquidating Distribution to Amelia and the remaining Partners assume Amelia's share of the Partnership labis Antella receives $4.000 in Cash Accounts Receivable of $24.000 (Fair Market Value) and Equipment worth (Fair Market Value of 552.000. On the date of the Liquidation the Partnership's Cash Basis Balance Sheet reflected the following Cash (Adjusted Basis $36.000. Fair Market Value - 536.000). Unrealized Receivable (Adjusted Basis Fair Market Value - 572000) Equipment (Adjusted Basis - 596.000 Fair Market Value $156,000) (Total Assets Adjusted Basis - 5132.000 Far Market Value $264.000) Notes Payable (Adjusted US$24,000: Far Market Value $24.000) Capital Accounts: Amelia Capital (Adjusted Basis $36,000 Fair Market Value - 580.000) Mercedes Capital (Adjusted Basis $36.000: Fail Market Value $80.000). Casey Capital (Adjusted Basis - $36.000 Fair Market Value - 580.000) (Total Libes And Equity (Capitah) Adjusted Basis $132.000 Fair Market Value - 526000). As a result of this Liquidation, Amelia has $24.000 Ordinary income and $20,000 Capital Gain No Recognized Gain or Loss $40.000 Ordinary Income and 5-0- Capital Gain $20,000 Ordinary Income and $24,000 Capital Gain UESTION 13 Amelia's Interest in the equal JMH Partnership is liquidated when the AMC Partership makes a Liquidating Distribution to Amelia and the remaining Partners assume Amelia's share of the Partnership Liabilities. Amelia receives $4.000 in Cash Accounts Receivable of $24.000 (Fair Market Value) and Equipment worth (Fair Market Value) of 552.000. On the date of the Liquidation, the Partnership's Cash Basis Balance Sheet reflected the following Cash (Adjusted Basis - 536.000 Fair Market Value - 336,000): Unrealized Receivable (Adjusted Basis-50- Fair Market Value - 372.000): Equipment (Adjusted Basis - 596,000 Fair Market Value - 5156.000) (Total Assets Adjusted Basis - $132.000. Fair Market Value - 5264.000)Notes Payable (Adjusted Basis - $24,000. Fair Market Value - $24,000). Capital Accounts: Amelia Capital (Adjusted Basis - $36.000 Fair Market Value - $80.000), Mercedes Capital (Adjusted Basis- $36,000: Fair Market Value - 580,000): Casey Capital (Adjusted Basis - 536,000 Fair Market Value - $80,000) (Total Liabilities And Equity (Capital): Adjusted Basis - $132.000, Fair Market Value - 5264,000). As a result of this Liquidation, Amelia has: $24,000 Ordinary Income and 520,000 Capital Gain. No Recognized Gain or Loss $40,000 Ordinary Income and S-O- Capital Gain $20,000 Ordinary Income and $24,000 Capital Gain QUESTION Far Market V5/2000) Edda 000 Maris ( Asted - 324000 FMV4000 CAA V-52644000) As a resulthidation has 524.000 Ordinary income and 1.20.000 Capital No Record Gain or loss 540.000 Ordinary income and 5-0 Catalan 120.000 Ordinary income and 24.000 Capital QUESTION 13 Amela's Interest in the equal JMH Partnership is liquidated when the AMC Partership makes a Liquidating Distribution to Amalia and the remaining Partners assume Amelia's share of the Partnership Liabilities. Amelia receives 54.000 in Cash, Accounts Receivable of $24.000 (Fair Market Value) and Equipment worth (Fair Market Value) of 552.000 On the date of the Liquidation the Partnership's Cash Basis Balance Sheet reflected the following Cash (Adjusted Basis - 36.000 Ft Market Value $36.000). Unrealized Receivable usted basis 50 Fair Market Value - 372.000). Equipment (Adjusted Basis - 596.000. Fair Market Value - 3156.000) (Total Assets Adjusted Basis - $132.000. Fair Market Value - 5264 000) Notes Payable (Adjusted Basis. $24,000. Fair Market Value $24,000) Capital Account Amelia Capital (Adjusted Basis $36.000 Fair Market Value $80.000), Mercedes Capital Adjusted Basis $36000 Fair Market Value $80,000), Casey Capital (Adjusted Basis - $36.000Far Market Value 580,000) (Total Liabilities And Equity (Capital Adjusted Basis $132.000 Fair Market Value - $264,000). As a result of this Liquidation Amelia has $24.000 Ordinary income and $20,000 Capital Gain JUDOU Lock at the beginning of the year of 2020 What amount of the Long Term Capital loss can say on her personal Federal Income Tax Return (Form 1040) for the year of 2020? PUIDUULI $36.000 $ 8.000 $6.000 $20.000 QUESTION 13 Amelia's Interest in the equal JMH Partnership is liquidated when the AMC Partership makes a Liquidating Distribution to Amalia and the remaining Partners aume Amelia's share of the Partnership Liabilities. Amelia receives $4.000 in Cash Accounts Receivable of 524.000 (Fair Market Value) and Equipment worth (Fair Market Value of 552.000. On the date of the Liquidation, the Partnership's Cash Basis Balance Sheet reflected the following: Cash (Adjusted Basis - $36,000, Fair Market Value - 536000)Unreakzed Receivable (Adjusted Basis - 50 Fair Market Value $72,000). Equipment (Adjusted Basis - 596,000. Fair Market Value - $156.000) (Total Assets: Adjusted Basis - $132.000 Fair Market Value - 5264 000) Notes Payable (Adjusted Basis - $24,000; Fair Market Value - $24.000), Capital Accounts: Amelia Capital (Adjusted Basis - $36.000 Fair Market Value - 580.000), Mercedes Capital (Adjusted Basis $36.000. Fair Market Value - 580,000), Casey Capital (Adjusted Basis. 536,000 Fair Market Value - 580,000) (Total Liabilities And Equity (Capital Adjusted Basis - $132.000 Fair Marke Value - 5264,000). As a result of this Liquidation, Amelia has $24.000 Ordinary Income and $20,000 Capital Gain No Recognized Gain or Loss $40,000 Ordinary Income and 5-0 Capital Gain $20,000 Ordinary Income and $24.000 Capital Gain QUESTION 14 Mercedes contributes Land to the MA Partnership which she purchased five (5) years ago. The Holding Period of the Land contributed to the MA Partnership by Mercedes (is) Begins on the day of the contribution Save Click Save and Submit to save and submit. Click Save All Answers to save all answers. DOLL Amella's Interest in the agual JMH Partnership is liquidated when the AMC Partership makes a Liquidating Distribution to Amella and the remaining Partners sume Amelid's share of the Partnership Liabilities. Amella recolves $4,000 in Cash Accounts Receivable of $24000 (Fair Market Value) and Equipment worth (Fail Market Value of $52.000 On the date of the Liquidation, the Partnership's Cash Basis Balance Sheet reflected the following Cash (Adjusted Basis - 536.000. Fair Market Value - 36000. Unrealized Receivable (Adjusted Basis 5-0. Fair Market Value - 572000). Equipment (Adjusted Basis - 596.000. Fair Market Value - 3156,000) (Total Assets Adjusted Basis. $132.000 For Market Value - 5264 000) Notes Payable (Adjusted Basis $24.000 Fair Market Value $24,000) Capital Accounts Amelia Capital (Adjusted Basis $36.000 Fair Market Value 500.000) Mercedes Capital Adjusted Basis $36.000 Fair Market Value $80.000), Casey Capital (Adjusted Basis - $36.000 Far Market Value - 580,000) (Total abilities And Equity (Capital Asted B132.000 For Mark Value - 5264,000). As a result of this Liquidation, Amelia has $24,000 Ordinary income and $20,000 Capital Gain No Recognized Gain or loss $40,000 Ordinary Income and 5-0. Capital Gain $20,000 Ordinary Income and $24,000 Capital Gain QUESTION 13 Amela's Interest in the qualUMH Partnership is liquidated when the AMC Partership makes a Liquidating Distribution to Amelia and the remaining Partners assume Amelia's share of the Partnership labis Antella receives $4.000 in Cash Accounts Receivable of $24.000 (Fair Market Value) and Equipment worth (Fair Market Value of 552.000. On the date of the Liquidation the Partnership's Cash Basis Balance Sheet reflected the following Cash (Adjusted Basis $36.000. Fair Market Value - 536.000). Unrealized Receivable (Adjusted Basis Fair Market Value - 572000) Equipment (Adjusted Basis - 596.000 Fair Market Value $156,000) (Total Assets Adjusted Basis - 5132.000 Far Market Value $264.000) Notes Payable (Adjusted US$24,000: Far Market Value $24.000) Capital Accounts: Amelia Capital (Adjusted Basis $36,000 Fair Market Value - 580.000) Mercedes Capital (Adjusted Basis $36.000: Fail Market Value $80.000). Casey Capital (Adjusted Basis - $36.000 Fair Market Value - 580.000) (Total Libes And Equity (Capitah) Adjusted Basis $132.000 Fair Market Value - 526000). As a result of this Liquidation, Amelia has $24.000 Ordinary income and $20,000 Capital Gain No Recognized Gain or Loss $40.000 Ordinary Income and 5-0- Capital Gain $20,000 Ordinary Income and $24,000 Capital Gain UESTION 13 Amelia's Interest in the equal JMH Partnership is liquidated when the AMC Partership makes a Liquidating Distribution to Amelia and the remaining Partners assume Amelia's share of the Partnership Liabilities. Amelia receives $4.000 in Cash Accounts Receivable of $24.000 (Fair Market Value) and Equipment worth (Fair Market Value) of 552.000. On the date of the Liquidation, the Partnership's Cash Basis Balance Sheet reflected the following Cash (Adjusted Basis - 536.000 Fair Market Value - 336,000): Unrealized Receivable (Adjusted Basis-50- Fair Market Value - 372.000): Equipment (Adjusted Basis - 596,000 Fair Market Value - 5156.000) (Total Assets Adjusted Basis - $132.000. Fair Market Value - 5264.000)Notes Payable (Adjusted Basis - $24,000. Fair Market Value - $24,000). Capital Accounts: Amelia Capital (Adjusted Basis - $36.000 Fair Market Value - $80.000), Mercedes Capital (Adjusted Basis- $36,000: Fair Market Value - 580,000): Casey Capital (Adjusted Basis - 536,000 Fair Market Value - $80,000) (Total Liabilities And Equity (Capital): Adjusted Basis - $132.000, Fair Market Value - 5264,000). As a result of this Liquidation, Amelia has: $24,000 Ordinary Income and 520,000 Capital Gain. No Recognized Gain or Loss $40,000 Ordinary Income and S-O- Capital Gain $20,000 Ordinary Income and $24,000 Capital Gain