The writer is very fast, professional and responded to the review request fast also. Thank you.
Your client, Ms. Jane Smith, was a 50% interest holder in Smith and Jones LP, a medical bill payer business. Smith and Jones LP was treated as a partnership for federal tax purposes. Smith and Jones LP liquidated in early 2011, as the owner of the remaining 50% interest wished to leave the business. Liquidation proceeds received by Ms. Smith was $30,000 cash, $10,000 of stock investments, and $15,000 of accounts receivable. Smith and Jones LP operated on a cash basis. Previous to the liquidation, Ms. Smith’s basis in the LP ownership interest was $60,000.Ms. Smith had no desire to leave the medical bill pay business, so she carried on as a sole proprietor. In November 2011, $5,400 of the accounts receivable she had received in the LP liquidation became uncollectible.Ms. Smith has come to you for help with her 2011 personal tax return. First, she wants to know how she would report the tax effects of the liquidation of her LP interest. Second, she wants to know if she is allowed to deduct the worthless accounts receivable against her other business income.
Show more
Delivering a high-quality product at a reasonable price is not enough anymore.
That’s why we have developed 5 beneficial guarantees that will make your experience with our service enjoyable, easy, and safe.
You have to be 100% sure of the quality of your product to give a money-back guarantee. This describes us perfectly. Make sure that this guarantee is totally transparent.
Read moreEach paper is composed from scratch, according to your instructions. It is then checked by our plagiarism-detection software. There is no gap where plagiarism could squeeze in.
Read moreThanks to our free revisions, there is no way for you to be unsatisfied. We will work on your paper until you are completely happy with the result.
Read moreYour email is safe, as we store it according to international data protection rules. Your bank details are secure, as we use only reliable payment systems.
Read moreBy sending us your money, you buy the service we provide. Check out our terms and conditions if you prefer business talks to be laid out in official language.
Read more