Complete the table. Follow the Key for explanations of the abbreviations. Basis
ID: 2516698 • Letter: C
Question
Complete the table. Follow the Key for explanations of the abbreviations.
Basis – Int is the partner’s basis before the distribution
Cash is the amount of money received in the distribution
CA – Basis is the basis of any capital asset(s) received in the distribution
Inv – Basis is the basis of any inventory received in the distribution
L or NL means the distribution either liquidates (L) or does not liquidate (NL) the partner’s interest
Partner gain is the amount of any gain OR LOSS (enter loss as < > recognized by the partner
Basis – cash is the basis assigned to any cash distributed
Basis – CA is the basis assigned to any capital asset distributed
Basis – Inv is the basis assigned to any inventory distributed
§734 means the dollar amount (negative numbers are entered with < >) of any §734 adjustment
IF A CELL IS EMPTY IT MEANS THERE WAS NO SUCH PROPERTY INVOLVED IN THE DISTRIBUTION
Basis - Int
Cash
CA - Basis
Inv - Basis
L or NL
Partner gain
Basis - cash
Basis - CA
Basis - Inv
§734?
100,000
50,000
NL
100,000
50,000
L
100,000
150,000
NL
100,000
50,000
125,000
NL
100,000
50,000
25,000
NL
100,000
50,000
25,000
L
100,000
50,000
125,000
NL
100,000
50,000
25,000
NL
100,000
50,000
25,000
L
100,000
50,000
25,000
125,000
NL
100,000
50,000
25,000
125,000
L
100,000
50,000
125,000
25,000
NL
100,000
50,000
125,000
25,000
L
100,000
125,000
NL
100,000
125,000
L
Basis - Int
Cash
CA - Basis
Inv - Basis
L or NL
Partner gain
Basis - cash
Basis - CA
Basis - Inv
§734?
100,000
50,000
NL
100,000
50,000
L
100,000
150,000
NL
100,000
50,000
125,000
NL
100,000
50,000
25,000
NL
100,000
50,000
25,000
L
100,000
50,000
125,000
NL
100,000
50,000
25,000
NL
100,000
50,000
25,000
L
100,000
50,000
25,000
125,000
NL
100,000
50,000
25,000
125,000
L
100,000
50,000
125,000
25,000
NL
100,000
50,000
125,000
25,000
L
100,000
125,000
NL
100,000
125,000
L
Explanation / Answer
Basis - Int Cash CA - Basis Inv - Basis L or NL Partner gain Basis - cash Basis - CA Basis - Inv §734? 100,000 50,000 NL 50000 50% 100,000 50,000 L 50000 50% 50000 100,000 150,000 NL 50000 150% 100,000 50,000 125,000 NL 75000 50% 125% 100,000 50,000 25,000 NL 25000 50% 25% 100,000 50,000 25,000 L 25000 50% 25% 25000 100,000 50,000 125,000 NL 75000 50% 125% 100,000 50,000 25,000 NL 25000 50% 25% 100,000 50,000 25,000 L 25000 50% 25% 25000 100,000 50,000 25,000 125,000 NL 100000 50% 25% 125% 100,000 50,000 25,000 125,000 L 100000 50% 25% 125% 200000 100,000 50,000 125,000 25,000 NL 100000 50% 125% 25% 100,000 50,000 125,000 25,000 L 100000 50% 125% 25% 200000 100,000 125,000 NL 25000 125% 100,000 125,000 L 25000 125% 25000Related Questions
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