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The CHS Partnership's balance sheet presented below is prepared on a cash basis at September 30 of ...

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The CHS Partnership's balance sheet presented below is prepared on a cash basis at September 30 of ...

The CHS Partnership's balance sheet presented below is prepared on a cash basis at September 30 of the current year.

Assets   Basis   Fair Market Value
Cash
Accounts receivable
Land (capital asset)
Total   $12,000
-0-
63,000
$75,000    $ 12,000
48,000
90,000
$150,000

Equities   Basis   Fair Market Value
Notes payable
Cindy, Capital
Helen, Capital
Sally, Capital
Total   $30,000
15,000
15,000
15,000
$75,000    $ 30,000
40,000
40,000
40,000
$150,000

Cindy withdraws from the partnership under an agreement whereby she takes one-third of each of the three assets and assumes $10,000 of the notes payable. Her basis for the partnership interest before any distribution is $25,000. What gain/loss should she report for tax purposes?

Textbook

Prentice Hall's Federal Taxation 2014 Corporations, Partnerships, Estates & Trusts

Edition: 27^th

Authors: Anderson, Pope, Rupert

Read 69 times

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That's not philosophy, it's geometry

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safezone Author

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7 years ago

Good timing, thanks!

djeghri

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Yesterday

Helped a lot

patod1

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2 hours ago

Thank you, thank you, thank you!

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