Solution Ch.21 South-Western Federal Taxation: Comprehensive Volume

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CHAPTER 21

PARTNERSHIPS

SOLUTIONS TO PROBLEM MATERIALS

| | | | |Status: | Q/P | |Question/ |Learning | | |Present |in Prior | |Problem |Objective |Topic | |Edition |Edition | | | | | | | | | | | |

1LO 1Partnership definitionNew
2LO 2General partnership versus LLCNew
3LO 1Check-the-box regulationsNew
4LO 2Partnership tax reportingModified1
5LO 2Analysis of Income scheduleModified1
6LO 2Partnership Schedule M-3New
7LO 3Special allocationsNew
8LO 3Capital accountsNew
9LO 3Inside versus outside basisNew
10LO 4Comparison of corporate and partnershipUnchanged2
treatment
11LO 4Application of § 721New
12LO 4Exceptions to § 721New
13LO 4Disguised sale issue recognitionUnchanged4
14LO 5Initial costs of a partnershipNew
15LO 6Cash accounting method for partnershipsNew
16LO 7Economic effect testUnchanged8
17LO 8Adjustments to partner’s basisUnchanged9
18LO 8Liability allocations to basisUnchanged10
19LO 10Guaranteed paymentsNew
20LO 8, 9, 14Partnership advantages and disadvantagesUnchanged12
21LO 4, 6, 7,Partnership formation and operationsUnchanged13
8, 9, 10issues
22LO 11Basis in distributed propertyUnchanged14
23LO 11Distribution ordering rules; liquidatingNew
versus nonliquidating distributions
24LO 11Conceptual: tax results of distributionsNew
25LO 12Ramifications of sale of a partnership interestNew

Instructor: For difficulty, timing, and assessment information about each item, see p. 21-4.

| | | | |Status: | Q/P | |Question/ |Learning | | |Present |in Prior | |Problem |Objective |Topic | |Edition |Edition | | | | | | | | | | | |

26LO 4Formation of partnership; inside and basisUnchanged15
27LO 4, 14Formation of partnership; inside and outsideUnchanged16
outside basis
28LO 4Contribution of various properties onUnchanged17 formation of a partnership; basis
and depreciation
29LO 4Formation of a partnershipNew
30LO 4Formation of a partnershipNew
31LO 4, 8, 14Basis of property received as gift; receipt Modified19 of interest for services
32LO 8, 14Planning for service interestsNw
33LO 4, 10, 14Disguised sale versus distributionUnchanged20 *34LO 4, 7Treatment of contributed propertyNew
35LO 5Tax issues related to formation ofUnchanged5 partnership
36LO 4, 5, 6,Preparation of initial LLC tax returnUnchanged6 37LO 6Accounting methodsUnchanged7
*38LO 5Definition of organization costs;Unchanged21 amortization of organization costs
*39LO 6Computation of partnership’s required taxUnchanged24 year under the least aggregate
deferral method
40LO 4, 7Date basis of partner’s interest; gain on saleUnchanged25 of contributed land with precontribution
built-in gain
*41LO 7Date basis of partner’s...
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