a. What is Berdine's basis in the distributed land? b. If an optional $ 754 adjustment-to-basis election is in effect, by what amount does the partnership adjust the basis of its remaining property? If that adjustment is allocated to depreciable property, to whom does the partnership allocate the resulting depreciation deductions?

Please do not give solution in image format ?

What are the amount and character of Kimberly's recognized gain or loss on the distribution? What is Kimberly's remaining basis in KST after the distribution? What is KST's basis in the land Kimberly contributed after Kimberly receives this distribution?

Subject: acounting

What is the difference between the aggregate and entity theory of partnership taxation? Can you please provide two examples of how partnership tax rules reflect the aggregate theory and two examples of how they reflect the entity theory.

The following two independent cases deal with a partnership and/or partners that are insolvent.(attached)Assuming that the partners share profits and losses equally, prepare a response to each of the following independent questions:1. Given Case A, if all of the assets were sold for $165,000, how much of personal assets could Partner B contribute toward their capital balance?2. Given Case A, if all of the assets were sold for $126,000, how much could Partner C contribute toward the remaining partnership liabilities, assuming the unsatisfied partnership creditors first seek recovery against Partner A?3. Given Case B, if all of the assets were sold for $135,000 and all partners with deficit capital balances contributed personal assets toward those deficits, how much, if anything, would Partner A have to contribute toward unsatisfied partnership creditors?4. Given the same facts as item (3) above, what amount could Partner A’s unsatisfied personal creditors receive from A’s interest in…

How does a newly formed partnership handle the contribution of previously depreciated assets?A. continues the depreciation life as if the owner had not changedB. starts over, using the contributed value as the new cost basisC. shortens the useful life of the asset per the partnership agreementD. does not depreciate the contributed asset

d1.

A and B form the equal AB partnership. A contributes cash of $20,000. B con- tributes land with a basis of $9,000 and a fair market value of $20,000. The land is a capital asset to B and has been held for over one year. Describe the tax consequences under each of the three I.R.C. §704(c) allocation methods if the partnership sells the land for either $21,000 or $19,000, assuming the partnership has adequate other income and deductions, if necessary.

The sum of the partners’ ending tax basis amounts equals the partners’ ending tax basis capital account balances. These amounts are shown on the partnership's Schedule K. Group of answer choices True False