Welcome Guest. Register Now!  



Reply
 
LinkBack Thread Tools Search this Thread Display Modes
  #1 (permalink)  
Old 10-09-2013, 09:27 AM
Junior Member
 
Join Date: Oct 2013
Posts: 1
Partnership questions

Dear all,

I'm in the process of learning US Tax. Generally, I'm able to understand most of the topics well, with the exception of Partnerships. Perhaps its just me, but my mind literally goes blank when dealing with Partnerships.

I would have no idea on how to even approach the questions. Take this for example:


S's interest in the ST partnership has an adjusted basis of $120,000. S received the following in complete liquidation in S's interest.

Cash: $40,000
Inventory items with an adjusted basis to ST of $48,000
Automobile with an adjusted basis to ST of $16,000
Land with an adjusted basis to ST of $48,000

S's basis in the automobile and land is?



Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
Ads
Reply



Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

vB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Some questions concerning NOL carryforward mellonpo Sole-Proprietorship 7 07-21-2012 02:01 PM
California SS Tax questions! Arky Social Security 2 07-12-2012 01:35 PM
Beginner Tax Questions JeremyNYC Income 1 09-13-2011 12:48 PM
What are the Top Ten questions that a taxpayer should ask their CPA? TaxGuru For 2009 0 01-27-2010 03:54 PM
1099 questions asheldon18 Income 1 02-02-2009 11:25 PM

Follow us on Facebook Follow us on Twitter Google Buzz Rss Feeds

» Categories
 
Individual
 » Income
 » IRA/Sep
 » Medical
 
Corporations
 » Payroll
 
Forum for CPAs
 
Financial Planning
 
 
 

» Recent Tax Q&A
No Threads to Display.