Questions from Federal Taxation

Q: Honk, Inc., a U.S. corporation, purchases

Honk, Inc., a U.S. corporation, purchases weight-lifting equipment for resale from HiDisu, a Japanese corporation, for 6o million yen. On the date of purchase, 110 yen is equal to SI U.S. (¥110:$1). T...

Q: In each of the following independent cases, indicate: •

In each of the following independent cases, indicate: • Whether the partner recognizes gain or loss. • Whether the partnership recognizes gain or loss. • The partner's adjusted basis for the property...

Q: Assume the facts of Problem 27. For each of parts (

Assume the facts of Problem 27. For each of parts (a) through (d) considered Decision Making independently, are additional planning opportunities available to the partnership to maximize its inside ba...

Q: Cari Hawkins is a 50% partner in the calendar year Hawkins

Cari Hawkins is a 50% partner in the calendar year Hawkins-Henry Partnership. On January 1, 2018, her basis in her partnership interest is $160,000. The partnership has no taxable income or loss for t...

Q: At the beginning of the tax year, Melodie's basis in the

At the beginning of the tax year, Melodie's basis in the MIP LLC was $60,000, including her $40,000 share of the LLC's liabilities. At the end of the year, MlP distributed to Melodie cash of $10,000 a...

Q: Bertha, a single individual, reports taxable income of $177

Bertha, a single individual, reports taxable income of $177,500, of which $130,000 is attributable to an S corporation that provides consulting services, after paying wages of $72,000 to en1ployees (b...

Q: Assume the same facts as in Problem 31 , except that TAV

Assume the same facts as in Problem 31 , except that TAV distributes $100,000 of cash to Vincent, $50,000 (FMV) of marketable securities to Tyler, and $50,000 (FMV) of account5 receivable to Anita. In...

Q: Lonergan, Inc., a calendar year S corporation in Athens,

Lonergan, Inc., a calendar year S corporation in Athens, Georgia, had a balance in AAA of $200,000 and AEP of $1 10,000 on December 31, 2018. During 2019, Lonergan, Inc., distributes $140,000 to its s...

Q: Use the assets and partners' bases from Problem 31. Assume that

Use the assets and partners' bases from Problem 31. Assume that the partnership distributes all of its assets in a liquidating distribution. In deciding the allocation of assets, what issues should th...

Q: In each of the following independent liquidating distributions in which the partnership

In each of the following independent liquidating distributions in which the partnership also liquidates, prepare a Microsoft Excel spreadsheet to determine the amount and character of any gain or loss...