Order ID:89JHGSJE83839 | Style:APA/MLA/Harvard/Chicago | Pages:5-10 |
Instructions:
interest in a general partnership in exchange
California State University, San Bernardino (CSUSB)
Department of Accounting and Finance
ACCT 527/436/536
Instructor: John R. Dorocak, J.D., LL.M. (Tax), C.P.A.
PARTNERSHIP PROBLEMS
1. Alice and Bob each receive a 50% interest in a general partnership in exchange for the following capital contributions.
Alice Bob
Cash $25,000 FMV Basis
Land $100,000 $85,000
The land is subject to $75,000 recourse mortgage that is assumed by the partnership at the date of Bob=s contribution.
a. How much gain/loss is recognized by each partner and the partnership at the date of the partnership formation?
b. What is each partner=s beginning tax basis in his partnership capital account?
c. Set up the partnership=s beginning tax basis and FMV balance sheet.
d. Determine each partner=s beginning tax basis in his partnership interest.
e. What if the liabilities on Bob=s property = 175,000 and FMV = 200,000 – answer A through D
2. The Beer & Pretzels Partnership is a limited partnership with three partners, Woody, Sam and Nora. Woody and Sam are general partners; Nora is a limited partner. The partnership agreement provides for the following allocation of profits & losses.,
Woody Sam Nora
Profit-sharing 20% 20% 60%
Loss-sharing 30% 30% 40%
The partnership reports the following liabilities at 12/31.
Nonrecourse $50,000
Recourse 10,000
How are the liabilities allocated to the partners for purposes of calculating their tax bases in their partnership interests?
RUBRIC |
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Excellent Quality 95-100%
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Introduction
45-41 points The background and significance of the problem and a clear statement of the research purpose is provided. The search history is mentioned. |
Literature Support 91-84 points The background and significance of the problem and a clear statement of the research purpose is provided. The search history is mentioned. |
Methodology 58-53 points Content is well-organized with headings for each slide and bulleted lists to group related material as needed. Use of font, color, graphics, effects, etc. to enhance readability and presentation content is excellent. Length requirements of 10 slides/pages or less is met. |
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Average Score 50-85% |
40-38 points More depth/detail for the background and significance is needed, or the research detail is not clear. No search history information is provided. |
83-76 points Review of relevant theoretical literature is evident, but there is little integration of studies into concepts related to problem. Review is partially focused and organized. Supporting and opposing research are included. Summary of information presented is included. Conclusion may not contain a biblical integration. |
52-49 points Content is somewhat organized, but no structure is apparent. The use of font, color, graphics, effects, etc. is occasionally detracting to the presentation content. Length requirements may not be met. |
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Poor Quality 0-45% |
37-1 points The background and/or significance are missing. No search history information is provided. |
75-1 points Review of relevant theoretical literature is evident, but there is no integration of studies into concepts related to problem. Review is partially focused and organized. Supporting and opposing research are not included in the summary of information presented. Conclusion does not contain a biblical integration. |
48-1 points There is no clear or logical organizational structure. No logical sequence is apparent. The use of font, color, graphics, effects etc. is often detracting to the presentation content. Length requirements may not be met |
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Interest in A General Partnership in Exchange