a. What is the partnership's and each partner's gain or loss recognized on the formation of the partnership? b. What is each partner's basis in his or her partnership interest at the end of the current year? c. For the partnership, prepare a tax and book balance sheet at the end of the current year.

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Identify which one of the following accounting entry for transfer of net profit at the end of the year: Oa. Dr: Profit and Loss account RO 35660 Cr: Partners' Capital Account RO 35660 O b. Dr: Profit and Loss Appropriation account RO 35660 Cr: Profit and Loss account Ro 35660 Oc. Dr: Profit and Loss account RO 35660 Cr: Profit and Loss Appropriation account RO 35660 d. Dr: Partner's Capital Account RO 35660 Cr: Profit and Loss account RO 35660 The balance of capital for partner Mansoor at the end of the year will be: O a. RO 42270 O b. RO 42720 Ос RO 47220 O d. RO 40720 Identify which one of the following accounting entry for payment of salary to partner Mazin at the end of the year: Oa. Dr: Mazin's salary account RO 1000 Cr: Mazin's capital account RO 1000 O b. Dr. Mazin's Salary account RO 12000 Cr: Mazin's capital account RO 12000

2022 tax rules

1.Where a partnership records a loss for an income year for tax purposes: (Choose the most correct option)   a. It will be carried forward and allowed as a deduction from future income of the partnership.   b. It is only transferred to the individual partner’s tax calculation as an allowable deduction for that partner's share if the individual partner has assessable income.   c. It is transferred to the individual partner’s tax calculation as an allowable deduction and if the individual partner does not have assessable income sufficient to absorb the loss the individual partner can carry forward the loss or part of the loss to future years.   d. It will be of no significance for tax purposes because it cannot be used by the partnership under tax legislation.   2. Which statement below best describes the entities that can accept donations from the public and provide donors with documentation to allow them to claim a tax deduction in respect of their…

All of the following regarding Schedule M-2 (Form 1065) are correct EXCEPT:    When completing Schedule M-2, determine if the partnership uses financial accounting or tax accounting.  Schedule M-2 tracks the partners' outside basis in the partnership.  Schedule M-2 tracks the partners' capital accounts.  Schedule M-2 includes capital contributed by the partners during the year.

True or False: A contributing partner's holding period for an interest in a partnership begins on the date the partnership interest is acquired.

3. The DE partnership is equally owned by Diana and Emily. Diana's fiscal year ends on March 31, and Emily's fiscal year ends on August 31. a. Please name or describe the three tests/tiers to determine a partnership's year end. b. Please use the appropriate tests and tell me DE's appropriate year end.

a. What are the amount and character of Megan's recognized gain or loss? b. What is Megan's basis in the distributed assets? c. What are the amount and character of Matthew's recognized gain or loss? d. What is Matthew's basis in the distributed assets?