In 2021, Autumn Partnership distributes the following assets to Spring Dupont (a partner in the partnership) in a proportionate, liquidating distribution: Office furnishing (fair market value of $100,000 and basis to partnership of $30,000) $40,000 of cash Inventory (fair market value of $100,000 and basis to partnership of $20,000) Prior to the distribution Spring Dupont had an outside basis in the Autumn Partnership of $200,000   How would your answers to the above questions change if the distribution were a non- liquidating distribution?

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A partnership of attorneys in the St. Louis, Missouri, area has the following balance sheet accounts as of January 1, 2021: Assets $ 442,000 Liabilities Athos, capital Porthos, capital Aramis, capital $ 134,000 116,000 106,000 86,000 According to the articles of partnership, Athos is to receive an allocation of 50 percent of all partnership profits and losses, while Porthos receives 30 percent, and Aramis, 20 percent. The book value of each asset and liability should be considered an accurate representation of fair value. For each of the following independent situations, prepare the journal entry or entries to be recorded by the partnership. a. Porthos, with permission of the other partners, decides to sell half of his partnership interest to D'Artagnan for $74,000 in cash. No asset revaluation or goodwill is to be recorded by the partnership. b. All three of the present partners agree to sell 10 percent of each partnership interest to D'Artagnan for a total cash payment of $36,000.…

The Prince-Robbins partnership has the following capital account balances on January 1, 2024: Prince, Capital Robbins, Capital $ 150,000 110,000 Prince is allocated 60 percent of all profits and losses with the remaining 40 percent assigned to Robbins after interest of 10 percent is given to each partner based on beginning capital balances. On January 2, 2024, Jeffrey invests $76,000 cash for a 20 percent interest in the partnership. This transaction is recorded by the goodwill method. After this transaction, 10 percent interest is still to go to each partner. Profits and losses will then be split as follows: Prince (50 percent), Robbins (30 percent), and Jeffrey (20 percent). In 2024, the partnership reports a net income of $36,000. Required: 1. Prepare the journal entry to record Jeffrey's entrance into the partnership on January 2, 2024. 2. Prepare a schedule showing how the 2024 net income allocation to the partners should be determined.

On January 1, 2021 David contributed $25,000 cash and building with a basis of $100,000 and a FMV of $165,000 in exchange for 50% interest in partnership XYZ LLC. XYZ had the following activty for 2021: Ordinary Income: $140,000 Operating expenses: $60,000 Interest Income: $10,000 Nondeductible Expenses: 5,000 What is David's outside basis in XYZ LLC on December 31, 2021? 232,500 170,000 167,500 210,000