The writer is very fast, professional and responded to the review request fast also. Thank you.
Please answer the following questions based on this fact pattern. Please note, the calculations for these questions should not include any decimal points. As such, you should not round up or down on any decimal points, but simply use the whole amount figure.
54.ABC Partnership makes a proportionate liquidating distribution to Stephanie of $156,000 in cash, machinery worth $60,000 with a basis of $20,000, a vehicle worth $2,000 with a basis of $10,000 and inventory worth $100,000 and a basis of $105,000. Stephanie is also relieved of debt in the amount of $70,000. Stephanie has an outside basis in the partnership of $339,000. What is Stephanie’ recognized gain or loss on the distribution?
A. $156,000
B. $24,000
C. ($24,000)
D. $0
55.What is Stephanie’s basis in the machinery that was distributed in the liquidation?
A. $21345
B. $23985
C. $20,000
D. $20154
E. $20119
56.What is Stephanie’s basis in the vehicle that was distributed in the liquidation?
A. $1908
B. $1989
C. $1900
D. $2000
56.What is Stephanie’s basis in the vehicle that was distributed in the liquidation?
A. $1908
B. $1989
C. $1900
D. $2000
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