taxation pass thru entities

Required information (The following information applies to the questions displayed below. Allison, Keesha, and Steven each own equal interests in KAS Partnership, a calendar-year-end, cash-method entity. On January 1 of the current year, Steven's basis in his partnership interest is $30,750. During January and February, the partnership generates $34,950 of ordinary income and $5,670 of tax-exempt income. On March 1 Steven sells his partnership interest to Juan for a cash payment of $53.250. The partnership has the following assets and no liabilities at the sale date: Tax Basis FMV Cash $37,500 37,500 Land held for investment 37,500 75,000 $75,000 $112,500 Totals a. Assuming KAS's operating agreement provides for an interim closing of the books when partners' interests change during the year, what is Steven's basis in his partnership interest on March 1 just prior to the sale? The following information applies to the questions displayed below] Allison, Keesha, and Steven each own equal interests in KAS Partnership, a calendar-year-end, cash-method entity. On January 1 of the current year, Steven's basis in his partnership interest is $30,750. During January and February, the partnership generates $34,950 of ordinary income and $5,670 of tax-exempt income. On March 1 Steven sells his partnership interest to Juan for a cash payment of $53,250. The partnership has the following assets and no liabilities at the sale date: 2 Tax Basis FMV Cash $37,500 $ 37,500 Land held for investment 37,500 75,000 $75,000 $112,500 Totals b. What is the amount and character of Steven's recognized gain or loss on the sale? ONeither gain nor loss recognized $8,960 ordinary income $25,380 ordinary income O$8,960 capital gain $25,380 capital gain Required information [The following information applies to the questions displayed below Allison, Keesha, and Steven each own equal interests in KAS Partnership, a calendar-year-end, cash-method entity. On January 1 of the current year, Steven's basis in his partnership interest is $30,750. During January and February, the partnership generates $34,950 of ordinary income and $5.670 of tax-exempt income. On March 1 Steven sells his partnership interest to Juan for a cash payment of $53,250. The partnership has the following assets and no liabilities at the sale date: Basis PMV $37,500 37,500 Land held for investment 3750075,000 $75,000 $112,500 Cash Totals c. What is Juan's initial basis in the partnership interest? Required information [The following information applies to the questions displayed below.] Allison, Keesha, and Steven each own equal interests in KAS Partnership, a calendar-year-end, cash-method entity. On January 1 of the current year, Steven's basis in his partnership interest is $30,750. During January and February, the partnership generates $34,950 of ordinary income and $5,670 of tax-exempt income. On March 1, Steven sells his partnership interest to Juan for a cash payment of $53,250. The partnership has the following assets and no liabilities at the sale date: Tax Basis FMV Cash $37,500 37,500 Land held for investment 37,500 75,000 $75,000 $112,500 Totals d. What is the partnership's basis in the assets following the sale? asis