ACC 401 Week 5

ACC 401 Week 5


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ACC 401 Week 5

Assignments Final Paper Tax Return Paper Final Appendix A Tax Returns Form 1040 Schedule A Form 2441 Assignment Partnerships and Corporations. From Chapter 14, complete Problem 48, problem 49, and problem 52. From Chapter 15, complete problem 47 and problem 48. Chapter 14, complete Problem 48, problem 49, and problem 52 48.  Denise contributes the following assets to a partnership in exchange for a 25% partnership interest: FMV             Basis Cash            $  20,000        $  20,000 Office equipment    $   12,000        $    5,000 Auto            $   20,000        $    6,000 What is Denises beginning basis in her partnership interest? 49.  On June 1 of the current year, Patti contributes equipment with a $45,000 basis and a $35,000 FMV in exchange for a partnership interest.  She purchased the equipment three years ago. a.  What is Pattis basis in her partnership interest? b.  What is Pattis holding period of her partnership interest? c.  What is the basis of the equipment in the hands of the partnership? d.  What is the holding period of the equipment in the hands of the partnership? e.  How will the partnership depreciate the equipment in the year of contribution? 52.  Barry and Kurt are equal partners in the BK Partnership.  Barry receives a guaranteed payment of $55,000.  In addition to the guaranteed payment, Barry withdraws $10,000 from the partnership.  The partnership has $24,000 in ordinary income during the year. a.  How much income must Barry report from BK Partnership? b.  What is the effect on Barrys partnership basis? Chapter 15, complete problem 47 and problem 48 47.  Determine the basis of stock in the hands of the shareholder in each of the following instances.  Assume that the 80% rule is met in all cases. a.  Contribution of property with a basis of $1,000 and a FMV of $1,400. b.  Contribution of property with a basis of $3,000 and a FMV of $3,800.  The stockholder also received $500 cash from the corporation as part of the stock transaction. c.  Contribution of property with a basis of $8,200 and a FMV of $12,500.  The stockholder also received property with a FMV of $1,700 from the corporation as part of the stock transaction. d.  Contribution of a building with a FMV of $200,000, a mortgage (assumed by the corporation) of $100,000, and a basis of $125,000. e.  Contribution of a building with a FMV of $1,700,000, a mortgage (assumed by the corporation) of $1,000,000, and a basis of $635,000. 48.  Using the information from Problem 47, determine the basis of the property contributed in the hands of the corporation in each instance.  Assume that the 80% rule is met in all cases. Discussion Questions Partnership Taxation. From Chapter 14, complete questions 1, 3, 12, and 15. 1.  Discuss the formation of a partnership.  Is any gain or loss recognized?  Explain. 3.  How does taxation for the corporate form and taxation for the partnership form differ? 12.  Can a partner have a salary from a partnership?  Why?  What is a guaranteed payment? 15.  If a partner owns a 20% interest, does that necessarily mean that he or she will receive 20% of the net income from the partnership?  Explain.

ACC 401
maddy

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Answered by 4 years ago
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 ACC 401 Week 5

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Excerpt from file: Week 5 DQ 2 - Corporate Taxation - ACC401 Federal Income Taxes I ACC 401 Corporate Taxation. From Chapter 15, complete questions 4, 6, 14, and 16. 4. Explain the 80% rule as it pertains to the formation of a corporation. Answer: When a corporation is formed, the exchange of cash or property can

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