Which of the Following Statements Regarding Liquidating Distributions Is True



3 Retirement of a partner. A A liquidating distribution of property other than a disqualified property that is made ratably to all shareholders based on their stockholdings will permit the recognition of loss on the portion of the distribution that is made to a related person.


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A partner will recognize a gain when the partnership distributes only money and the amount is greater than the partners outside basis.

. Which of the following statements regarding a partners basis of inventory received in a liquidating distribution is true. This preview shows page 5 - 6 out of 6 pages. Partners may only decrease the basis in inventory distributed in a liquidating distribution.

Disproportionate distributions will only occur in liquidating distributions. Brian is a 25 percent partner in the BC Partnership. Which of the following statements regarding liquidating distributions is true.

A partner recognizes a loss when he receives cash and other property with inside bases greater than his outside basis in a. None of these statements is true. In this the whole equity is allocated along with the profit-sharing.

None of the statements are true. No gain or loss if the distribution qualifies for sale treatment under partial liquidation rules. A disproportionate distribution occurs when a partner receives more than his or her proportionate share of the partnerships hot assets.

The tax provisions related to disproportionate distributions attempt to preserve the partners share of ordinary income potential. A partner recognizes gain when he receives cash in excess of his outside basis in a liquidating distribution. Partners may only increase the basis in inventory distributed in a liquidating distribution.

Partners may only decrease the basis in inventory distributed in a liquidating distribution. None of these statements is true. A partnership agreement may restrict the sale of a partnership making a liquidating distribution the only way a partner can close out his interest in the partnership.

In case fo inventory received based on a partner basis the partners are only eligible to decrease the inventory basis. A partner who receives a liquidating distribution can retain an interest in the partnership. On January 1 BC distributes 20000 cash and land with a 16000 fair value.

Partners may only increase the basis in inventory distributed in a liquidating distribution. Assets are deemed distributed in the following order. A partner will recognize a gain when the partnership distributes only.

Partners may only decrease the basis in inventory distributed in a liquidating distribution. A disproportionate distribution occurs when a partner receives more than his proportionate share of the partnerships hot assets. Partners may either increase or decrease the basis in inventory distributed in a liquidating distribution.

Disproportionate distributions will only occur in liquidating distributions. None of the above answers is correct. Partners will never recognize a gain on an operating distribution.

A partner may not increase the basis of inventory received in a liquidating distribution because she would essentially. Which of the following statements regarding a partners basis of inventory received in a liquidating distribution is true. Partners receiving a distribution of property other than money will take a basis int the property equal to its fair.

Which of the following statements is incorrect with respect to determining current E P. Net income of 33000 if the distributions qualify for sale treatment under the basic redemption rules of 302. Partners may either increase or decrease the basis in inventory distributed in a liquidating distribution.

Current-year charitable contributions in excess of the 10 of taxable income limit should be subtracted. 1 2 and 3. Which one of the following statements regarding treasury stock is correct.

Which of the following statements is true regarding the penalty taxes on. It is an asset representing shares that can be sold in the future or otherwise issued in stock option plans or in effectuating business combinations. 2 There are excessive losses that are expected to continue.

Federal income tax refunds should be added back to taxable income. It is unretired but no longer outstanding yet it has all the rights of outstanding shares. Which of the following statements correctly reflects one of the rules regarding proportionate liquidating distributions.

Dividends received deductions should be subtracted from taxable income. A partner may not increase the basis of. A local partnership was in the process of liquidating and reported the following capital.

1 Partners are incompatible and choose to cease operations. Partners will never recgniize a loss on an operating distrubution. Cash unrealized receivables and.

The tax provisions related to disproportionate distributions attempt to preserve the partners share of ordinary income potential. Which of the following statements regarding liquidating distributions is true. Liquidating distribution refers to the absence of dividend distribution that is to be allocated to the shareholders in case of the partial or complete liquidation.


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