Solution Ch.21 South-Western Federal Taxation: Comprehensive Volume

15155 Words Nov 11th, 2012 61 Pages
CHAPTER 21

PARTNERSHIPS

SOLUTIONS TO PROBLEM MATERIALS

| | | | |Status: | Q/P |
|Question/ |Learning | | |Present |in Prior |
|Problem |Objective |Topic | |Edition |Edition |
| | | | | | | | | | |

1 LO 1 Partnership definition New 2 LO 2 General partnership versus LLC New 3
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53 LO 8, 9, 14 Basis calculations and loss limitations Unchanged 11 54 LO 8, 9 Loss disallowance under § 704(d), § 465, Unchanged 37 and § 469 55 LO 7, 10 Timing of recognition of guaranteed Modified 38 payments 56 LO 10 Timing of recognition of guaranteed New payments, continued *57 LO 7, 10 Comparison of C corporation salary versus Unchanged 39 partnership guaranteed payment 58 LO 10 Disallowed § 267 loss from sale of property Unchanged 40 to partnership by partner; conversion of capital gain to ordinary income from sale of investment property to partnership by partner 59 LO 11 Nonliquidating distribution; basis of New assets distributed (limited); partner’s outside basis 60 LO 11 Nonliquidating distribution; basis of New assets distributed (limited); partner’s outside basis *61 LO 11 Nonliquidating distributions; amount and Modified 43 nature of gain or loss; basis of assets distributed; partner’s outside basis *62 LO 11 Allocation of basis to multiple assets Unchanged 44 distributed 63 LO 11 Effect of change in partner’s share of New liabilities; nonliquidating versus liquidating distributions 64 LO 11 Results of various liquidating

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