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Category > Management Posted 22 Feb 2018 My Price 7.00

service-oriented partnership

RBP Partnership is a service-oriented partnership that has three equal general partners. One of them, Barry, sells his interest to another partner, Dale, for $90,000 of cash and the assumption of Barry’s share of partnership liabilities. On the sale date, the partnership’s cash basis balance sheet is as follows. Assume that the capital accounts before the sale reflect the partners’ bases in their partnership interests, excluding liabilities. The payment exceeds the stated fair market value of the assets because of goodwill that is not recorded on the books.

	Basis	FMV		Basis	FMV
Cash	$120,000	120,000	Note payable	$ 30,000	$ 30,000
Accounts receivable	–0–	90,000	Capital accounts
Capital assets	30,000	75,000	Barry	40,000	85,000
			David	40,000	85,000
			Dale	40,000	85,000
			Total	$150,000	$285,000
Total	$150,000	$285,000

a. What is the total amount realized by Barry on the sale?

b. How much, if any, ordinary income must Barry recognize on the sale?

c. How much capital gain must Barry report?

d. What is Dale’s basis in the partnership interest acquired?

Answers

Maurice Tutor

(5)

Status NEW Posted 22 Feb 2018 08:02 PM My Price 7.00

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