services as ordiindiy nicunic 6. An additional allocation of partnership debt or

Question

services as ordiindiy nicunic 6. An additional allocation of partnership debt or relief of partnership debt is considered to be a 7. Partnerships can use special allocations to shift built-in gains and built-in losses orn 8·Jason is a 25% partner in the JJM Partnership when he sells his entire interest to Lavelle for deemed cash contribution or cash distribution. contributed property from a partner who contributed the property to other partners. $76,000 At the time of the sale, Jason's basis in JM is $87,000. JIM does not have any debt or hot assets. Jason will recognize a gain of $11,000 on the sale of his partnership interest. 9.LZV Partnership distributed in a proportionate nonliquidating distribution to Heather $30000in cash and land, FMV of $80,000 and adjusted basis to LZV of $60,000. Heather's basis in her partnership was $45,000 immediately before the distribution. As the result of the distribution, Heather recognizes no gain, her basis in the partnership interest is reduced to $0 and her basis in the land is now 15,000 10.S corporations offer the same legal protection to owners as C corporations

Explanation / Answer

7.false 8, true 10, True,, Both corporations offer limited liability protection to their stockholders. As such their personal assets can not be held liable for repayment of corporations debt.

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