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lchynnawalkerstudent
25.04.2020 •
Business
Mondy had an adjusted basis in her partnership interest of $39,000 before receiving a current distribution. In the current distribution (to which Sec. 751 does not apply), she received the following: Basis Fair Market Value Cash $ 3,000 $ 3,000 Inventory 15,000 17,000 Land 1 10,000 15,000 Land 2 20,000 25,000 What is her basis in each of the items received
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Ответ:
$3,000 cash
$15,000 inventory
$7,000 land 1
$14,000 land 2
Explanation:
In this case, Mondy will have a $3,000 basis in the cash and a $15,000 basis in the inventory.
This leaves $21,000 of basis to allocate to the two parcels of land ($39,000 beginning basis – $3,000 cash – $15,000 inventory).
Each parcel of land its carryover basis from the partnership ($10,000 for land 1 and $20,000 for land 2). The total adjusted bases of the distributed properties exceed the partner’s remaining basis in the partnership, a $9,000 decrease must be allocated next ($30,000 total adjusted bases of land – $21,000 remaining basis in partnership interest = $9,000 decrease to allocate).
The $9,000 decrease is allocated in proportion to the respective adjusted bases of the land in the calculation ($10,000 land 1 and $20,000 land 2) [($3,000) to land 1 and ($6,000) to land 2].
Land 1 Land 2
Carryover basis: $10,000 $20,000
Allocated decrease (1/3 to Land 1 and 2/3 to Land 2): (3,000) (6,000)
Basis $ 7,000 $14,000
Ответ:
$800
Explanation:
In this scenario in the question, we should note that there's is no discrimination which favors the officers.
The deduction for the gifts by Oscar will then be $400 for every recipient and the cost spent on each statuette by the company.
Therefore, the amount that Oscar can deduct for these gifts will be:
= $400 + $400
= $800