User Account

All Pages

The capital asset received in the distribution

Assignment Help Taxation
Reference no: EM13995054

Larimer received $30,000 cash and a capital asset with a basis and fair market value of $55,000 in a proportionate liquidating distribution.  His basis in his partnership interest was $100,000 prior to the distribution.  How much gain or loss does Larimer recognize, and what is his basis in the capital asset received in the distribution?

a.       $0 gain or loss; $55,000 basis.

b.       $15,000 loss; $55,000 basis.

c.       $15,000 gain; $55,000 basis.

d.      $15,000 gain; $70,000 basis.

e.       $0 gain or loss; $70,000 basis.

Reference no: EM13995054

Questions Cloud

Current calendar year, the partnership''s ordinary income : On December 31 of last year, Henderson gave his son, Norbert, a gift of a 40% interest in a partnership in which capital is a material income-producing factor.  For the current calendar year, the partnership's ordinary income was $140,000.  Henderson..
Find the speed of the satellite : Consider a satellite with a mass of 314 kg moving in a circular orbit around the Earth at a height of 1303 km above the surface. Find the speed of the satellite in m/s with 3 significant figures.
Find a relationship for the minimum height h : Find a relationship for the minimum height H necessary to ensure that the speed of the capsule is sufficient to enter orbit once it reaches the surface. Your answer should only include the variables given above (i.e. R, d or K) or other universal ..
At what frequency is the circuit in resonance : At what frequency is this circuit in resonance? Find the impedance of this circuit if the frequency has the value found in part A, but the capacitance is increased to 0.275 μF.
The capital asset received in the distribution : Larimer received $30,000 cash and a capital asset with a basis and fair market value of $55,000 in a proportionate liquidating distribution.  His basis in his partnership interest was $100,000 prior to the distribution.  How much gain or loss does La..
How is customer satisfaction different from product quality : What are different kinds of quality? How is customer satisfaction different from product quality? How can you measure customer satisfaction
Infa 630 intrusion detection and intrusion prevention : Compare and contrast signature-based and anomaly-based network intrusion detection systems. In your analysis, describe at least three ways in which the two types of IDS are similar, and at least three ways in which they differ.
What is larry''s gain or loss in 2013 : Larry buys a building in 2005 for $14 million.  He pays cash of $1 million and takes out a mortgage for $13 million.  From 2005-2012, he claims $8 million of depreciation on the building.  In 2013, when the building is worth $5 million, Larry is in d..
How benchmarks and milestones are involved in managing : Benchmarking - Analyze how benchmarks and milestones are involved in managing the use of quality indicators. Analyze three potential benchmarks and milestones from quality indicators that could be used for your plan

Reviews

Write a Review

Taxation Questions & Answers

  When can a partnership use the cash method of accounting

When can a partnership use the cash method of accounting? What types of expenditures might a new partnership incur? How are those costs treated for Federal tax purposes?

  Determine the income tax savings in the current year

Determine the income tax savings in the current year for the business and for them personally if they form the business as a partnership, S corporation, or C corporation.

  Emerging issues in the accounting profession

Analysis begins with the determination of income as taxable or non-taxable - Please prepare a memorandum

  Compute the taxable gain

Matt elects to identify the total gain on the property in the year of sale, compute the taxable gain:

  Prepare tax file memoranda

What's the result of your research and prepare tax file memoranda to explain you research results.

  What reasons congress have to allow residential real estate

There are two recovery period classifications for real property. What reasons might Congress have to allow residential real estate a shorter recovery period than nonresidential real property?

  Treatment of capital gains of corporate taxpayers

Scheme of Taxation of Capital gains and losses and Treatment of Capital Gains of Corporate Taxpayers

  Describe and contrast the deficits projected

Describe and contrast the deficits projected under the baseline and alternative fiscal scenario and the implications of the projections based on the CBO report.

  Income tax journal entries of the swelland company

At the end of 2010, its first year of operations, the Swelland Company reported a pretax operating loss of $32,000 for both financial reporting and income tax purposes.

  Describe assets that are considered to be listed property

Describe assets that are considered to be listed property. Why do you think the Internal Revenue Service requires them to be "listed"?

  Please help find issues for income tax accountingin the

please help find issues for income tax accountingin the existing year david and debbie wayland both successful

  Case - johnson- estate planning to reduce tax liability

ASE - Johnson: Estate Planning to Reduce Tax Liability. "Roth" retirement plans are encountered with increasing frequency among estate planning clients, especially since (beginning in 2010) the availability of Roth "conversions" was extended to hig..

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd