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Tax Accounting Quick 2-3 page paper

by | Mar 26

 PLEASE USE THE ATTACHED FILE TEMPLATE AND ITS APA FORMAT TO COMPLETE THE ASSIGNMENT. ALSO PLEASE USE EXCEL TO SHOW YOUR WORK, THEN PASTE IT INTO THE WORD FILE. 

Timothy is a 35% partner in the Total Partnership, a  calendar-year-end entity. Timothy has an outside basis in his interest  in Total Partnership of $198,000, which includes his share of the  $45,000 of partnership liabilities. On December 31, Total makes a  proportionate distribution of the following assets to Timothy:

BASIS

FMV

Cash

$50,000

$50,000

Inventory

$65,000

$75,000

Land

$50,000

$65,000

Totals

$165,000

$180,000

  1. For an operating distribution, outline the  tax consequences (amount and character of recognized gain or loss, basis  in distributed assets) of the distribution to Timothy.
  2. For a liquidating distribution, outline the tax consequences (amount  and character of recognized gain or loss, basis in distributed assets)  of the distribution to Timothy.
  3. Discuss the similarities and differences between the tax  consequences of the operating distribution and the tax consequences of  the liquidation distribution. 

In your analysis, include the following:

  1. An introduction
  2. Requirements (don’t forget to show your work)
  3. Conclusion

Your paper should be:

  • 2-3 pages in length (not including the required title and reference pages)
  

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