In each of the following independent liquidating distributions in which the partnership also liquidates, determine the amount and character of any gain or loss to be recognized by each partner and the basis of each asset (other than cash) received. In each case, assume that distributions of hot assets are proportionate to the partners. Be sure to explain your rationale. a. Landon has a partnership basis of $40,000 and receives a distribution of $50,000 in cash. b. Mark has a partnership basis of $50,000 and receives $20,000 of cash and a capital asset with a basis to the partnership of $25,000 and a fair market value of $40,000.

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After the tangible assets have been adjusted to current market prices, the capital accounts of Grayson Jackson and Harry Barge have balances of $64,900 and $86,500, respectively. Lewan Gorman is to be admitted to the partnership, contributing $43,300 cash to the partnership, for which he is to receive an ownership equity of $50,500. All partners share equally in income. a.  Journalize the entry to record the admission of Gorman, who is to receive a bonus of $7,200. If an amount box does not require an entry, leave it blank.   Cash        Grayson Jackson, Capital        Harry Barge, Capital        Lewan Gorman, Capital      b.  What are the capital balances of each partner after the admission of the new partner? Partner Balance Grayson Jackson $ Harry Barge $ Lewan Gorman $

Please show work 1. Nan and Lew formed an equal partnership. Nan contributes property with an adjusted basis of $75,000 to a partnership. The property has a fair market value of $120,000 on the date of the contribution.   a. What is the partnership’s basis in the property contributed by Nan?   $ _________________   b. What is the amount of gain recognized by Nan in this transaction?   $ __________________   c. Lew performs services valued at $105,000 for the partnership for his one-third interest in the partnership.   Income or gain recognized $____________ His basis in the Partnership interest $____________

Which of the following would be classified as disproportionate distributions?  Assume A and B each own 50% interests in the AB Partnership, the partnership owns hot assets, and the partners remain partners in AB partnership.   Question 18 options:   a.  Partner A receives $6,000 cash and Partner B receives a capital asset valued at $6,000.   b.  Partner A received $6,000 cash and Partner B receives inventory items valued at $6,000 (basis $3,500).   c.  Both partners receive unrealized accounts receivables with a basis of $0 and a value of $6,000.   d.  Items a. and c. represent disproportionate distributions   e.  Items b. and c. represent disproportionate distributions.