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Those answers are not right! Question 3 0/1 point Gina receives a guaranteed payment of $30,000 and a cash withdrawal of $10,000 from a partnership.

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Those answers are not right!
Question 3 0/1 point Gina receives a guaranteed payment of $30,000 and a cash withdrawal of $10,000 from a partnership. Her outside basis before these events is $40,000. Which of the following statements regarding the tax results to Gina is false? Only $10,000 of these amounts are taxable income Only $30,000 of these amounts are taxable income Her outside basis and capital account are reduced by $10,000 as a result of these events. The guaranteed payment has no effect on her outside basis or capital account Question 4 0/1 point Ina contributes property with a basis of $20,000 and a value of $100,000 to a partnership in exchange for a 5% interest in profits, losses, capital, and liability sharing. The property is encumbered by a $40,000 recourse liability that is assumed by the partnership. Which of the following conclusions about the result of this contribution is false? Gina has a $20,000 basis in her partnership interest Gina's share of this partnership liability is $2,000 Gina recognizes a gain of $18,000. Gina's outside basis is $0. Question 7 0/1 point An Scorporation distributes inventory with a basis of $30,000 and a value of $60,000 to its three shareholders who have a total basis of $200,000 in their stock before this distribution What is the total basis of shareholder stock after this transaction is completed? DO NOT USE COMMAS OR DOLLAR SIGNS IN YOUR ANSWER!! Answer: 230000 Question 8 0/1 point An Scorporation distributes inventory with a basis of $30,000 and a value of $60,000 to its three shareholders who have a total basis of $200,000 in their stock before this distribution What is the shareholders' total basis in inventory received? DO NOT USE COMMAS OR DOLLAR SIGNS IN YOUR ANSWER!! Answer: 30000 At January 1, 2019, Jody's basis in her partnership interest was $20,000. Her share of partnership items for the year is as follows: a guaranteed payment of $70,000, a long-term capital gain of $5,000, and an ordinary partnership loss of $20,000. She received a distribution from the partnership of $15,000 during the year. Assuming she materially participates in the partnership, which item set below would she report on her personal US income tax return for 2019? Long-term capital gain of $5,000, a nontaxable distribution of $15,000, an ordinary loss of $20,000, and a guaranteed payment of $70,000. Long-term capital gain of $5,000, a nontaxable distribution of $15,000, an ordinary loss of $10,000, a guaranteed payment of $70,000, and has a suspended loss of $10,000 Long-term capital gain of $5,000, a nontaxable distribution of $15,000, an ordinary loss of $0, a guaranteed payment of $70,000, and has a suspended loss of $20,000 none of the above

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