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    Proportionate nonliquidating distribution examples

    To the extent that a distribution is made from the corporation’s earnings and profits, it is taxed to the shareholder as a dividend.[1] The portion of the distribution that is not considered a dividend is applied first to reduce the shareholder’s basis in the corporation’s stock.[2] Any remaining portion is treated as gain from the sale or exchange of property (capital gain).[3] Important Note: If a shareholder assumes a liability or takes property subject to a liability, the amount of the distribution is reduced by the amount of the liability.[4] Special rules also apply at the corporate level.[5] Special rules apply to distributions to a shareholder in exchange for the shareholder’s stock (redemptions).Instead of being treated as dividends, redemptions are treated as a sale or exchange of the stock by the shareholder.[6] The distinction can be important when the long-term capital gains rates (which apply to redemptions) are higher than the tax rates on dividends.A corporation will not recognize any gain or loss on a distribution of cash to its shareholders.[13] But if the corporation distributes appreciated property, the corporation must recognize gain as if the property were sold to the shareholder at fair market value.[14] Important Note: These two rules operate as a loss disallowance system.If the corporation distributes appreciated property, the corporation is taxed on the gain under Code § 311(b).The partnership used the available funds to acquire equipment costing 0,000 and to fund current operating expenses.The partnership agreement provides that depreciation will be allocated 80% to Bryan and 20% to Cody.Determine the ordinary partnership income and separately stated items for the partnership.b.Calculate Kayla’s basis in her partnership interest at the end of the tax year.

    Based on the information provided, what other calculations is she required to make? How does her capital account differ from her basis as calculated in Problem 45? LO.7, 9, 13 The KL Partnership is owned equally by Kayla and Lisa.Instead, the distribution is governed by the general nonrecognition rule of Code § 311(a), which prevent the corporation from recognizing loss on a transfer of depreciated property. § 302(b)(1), this test is usually used only when the safe harbors of I. Liquidation is a taxable event for both the shareholder and the corporation. Like the “Redemptions Not Equivalent to Dividends” test of I. Anna contributed land and a building valued at 0,000 (basis of 0,000) in exchange for the remaining 60% interest.Anna’s property was encumbered by a qualified nonrecourse debt of 0,000, which was assumed by the partnership.The partnership reports the following income and expenses for the current tax year: Sales 0,000Utilities, salaries, and other operating expenses 360,000Short-term capital gain 10,000Tax-exempt interest income 4,000Charitable contributions 8,000Distribution to Suzy 10,000Distribution to Anna 20,000During the current tax year, Suz-Anna refinanced the land and building. Assume that all partnership debts are shared proportionately.At the end of the year, Suz-Anna had recourse debt of 0,000 for partnership accounts payable and qualified nonrecourse debt of 0,000.a. What income and separately stated items does the partnership report on Suzy’s Schedule K–1? At the end of the tax year, what are Suzy’s basis and amount at risk in her partnership interest? LO.11 Assume the same facts as in Problem 50, and assume that Suz-Anna prepares the capital account rollforward on the partners’ Schedules K–1 on a tax basis.a.All other items of income and loss will be allocated equally between the partners.Upon liquidation of the partnership, property will be distributed to the partners in accordance with their capital account balances.But that section only covers gain on distributions of appreciated property. If the corporation distributes property that has depreciated (i.e., property with a built-in loss), Code § 311(b) does not apply. Any partner with a negative capital account must contribute cash in the amount of the negative balance to restore the capital account to

    Based on the information provided, what other calculations is she required to make? How does her capital account differ from her basis as calculated in Problem 45? LO.7, 9, 13 The KL Partnership is owned equally by Kayla and Lisa.Instead, the distribution is governed by the general nonrecognition rule of Code § 311(a), which prevent the corporation from recognizing loss on a transfer of depreciated property. § 302(b)(1), this test is usually used only when the safe harbors of I. Liquidation is a taxable event for both the shareholder and the corporation. Like the “Redemptions Not Equivalent to Dividends” test of I. Anna contributed land and a building valued at 0,000 (basis of 0,000) in exchange for the remaining 60% interest.Anna’s property was encumbered by a qualified nonrecourse debt of 0,000, which was assumed by the partnership.The partnership reports the following income and expenses for the current tax year: Sales 0,000Utilities, salaries, and other operating expenses 360,000Short-term capital gain 10,000Tax-exempt interest income 4,000Charitable contributions 8,000Distribution to Suzy 10,000Distribution to Anna 20,000During the current tax year, Suz-Anna refinanced the land and building. Assume that all partnership debts are shared proportionately.At the end of the year, Suz-Anna had recourse debt of 0,000 for partnership accounts payable and qualified nonrecourse debt of 0,000.a. What income and separately stated items does the partnership report on Suzy’s Schedule K–1? At the end of the tax year, what are Suzy’s basis and amount at risk in her partnership interest? LO.11 Assume the same facts as in Problem 50, and assume that Suz-Anna prepares the capital account rollforward on the partners’ Schedules K–1 on a tax basis.a.All other items of income and loss will be allocated equally between the partners.Upon liquidation of the partnership, property will be distributed to the partners in accordance with their capital account balances.But that section only covers gain on distributions of appreciated property. If the corporation distributes property that has depreciated (i.e., property with a built-in loss), Code § 311(b) does not apply. Any partner with a negative capital account must contribute cash in the amount of the negative balance to restore the capital account to [[

    Based on the information provided, what other calculations is she required to make? How does her capital account differ from her basis as calculated in Problem 45? LO.7, 9, 13 The KL Partnership is owned equally by Kayla and Lisa.

    Instead, the distribution is governed by the general nonrecognition rule of Code § 311(a), which prevent the corporation from recognizing loss on a transfer of depreciated property. § 302(b)(1), this test is usually used only when the safe harbors of I.

    Liquidation is a taxable event for both the shareholder and the corporation. Like the “Redemptions Not Equivalent to Dividends” test of I.

    Anna contributed land and a building valued at $640,000 (basis of $380,000) in exchange for the remaining 60% interest.

    Anna’s property was encumbered by a qualified nonrecourse debt of $100,000, which was assumed by the partnership.

    ||

    Based on the information provided, what other calculations is she required to make? How does her capital account differ from her basis as calculated in Problem 45? LO.7, 9, 13 The KL Partnership is owned equally by Kayla and Lisa.Instead, the distribution is governed by the general nonrecognition rule of Code § 311(a), which prevent the corporation from recognizing loss on a transfer of depreciated property. § 302(b)(1), this test is usually used only when the safe harbors of I. Liquidation is a taxable event for both the shareholder and the corporation. Like the “Redemptions Not Equivalent to Dividends” test of I. Anna contributed land and a building valued at $640,000 (basis of $380,000) in exchange for the remaining 60% interest.Anna’s property was encumbered by a qualified nonrecourse debt of $100,000, which was assumed by the partnership.The partnership reports the following income and expenses for the current tax year: Sales $560,000Utilities, salaries, and other operating expenses 360,000Short-term capital gain 10,000Tax-exempt interest income 4,000Charitable contributions 8,000Distribution to Suzy 10,000Distribution to Anna 20,000During the current tax year, Suz-Anna refinanced the land and building. Assume that all partnership debts are shared proportionately.At the end of the year, Suz-Anna had recourse debt of $100,000 for partnership accounts payable and qualified nonrecourse debt of $200,000.a. What income and separately stated items does the partnership report on Suzy’s Schedule K–1? At the end of the tax year, what are Suzy’s basis and amount at risk in her partnership interest? LO.11 Assume the same facts as in Problem 50, and assume that Suz-Anna prepares the capital account rollforward on the partners’ Schedules K–1 on a tax basis.a.All other items of income and loss will be allocated equally between the partners.Upon liquidation of the partnership, property will be distributed to the partners in accordance with their capital account balances.But that section only covers gain on distributions of appreciated property. If the corporation distributes property that has depreciated (i.e., property with a built-in loss), Code § 311(b) does not apply. Any partner with a negative capital account must contribute cash in the amount of the negative balance to restore the capital account to $0.In its first year, the partnership reported an ordinary loss (before depreciation) of $80,000 and depreciation expense of $36,000.Lisa’s basis is $16,000 at the beginning of the year.

    ]].In its first year, the partnership reported an ordinary loss (before depreciation) of ,000 and depreciation expense of ,000.Lisa’s basis is ,000 at the beginning of the year.

    .In its first year, the partnership reported an ordinary loss (before depreciation) of ,000 and depreciation expense of ,000.Lisa’s basis is ,000 at the beginning of the year.

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