Ac2520: module 5 other tax considerations for corporates lab 5.2

Rick has a $50,000 basis in the RKS General Partnership on January 1 of the current year, and he owns no other investments. He has a 20% capital interest, a 30% profits interest, and a 40% loss interest in the partnership. Rick does not work in the partnership. The partnership’s only liability is a $100,000 nonrecourse debt borrowed several years ago, which remains outstanding at year-end. Rick’s share of the liability is based on his profits interest and is included in his $50,000 partnership basis. Rick and the partnership each report on a calendar year basis. Income for the entire partnership during the current year is: Ordinary loss $440,000 Long-term capital gain 100,000 Sec. 1231 gain 150,000 Answer the following questions: 1. What is Rick’s distributive share of income, gain, and loss for the current year? 2. What partnership income, gain, and loss should Rick report on his tax return for the current year? 3. What is Rick’s basis in his partnership interest on the first day of the next year? Submission Requirements:  Submit your response in a Microsoft Word document.  Your response should show the calculations involved.  The submission should use: o Font: Arial; 12-point o Line spacing: Double

Calculate the price of your order

550 words
We'll send you the first draft for approval by September 11, 2018 at 10:52 AM
Total price:
$26
The price is based on these factors:
Academic level
Number of pages
Urgency
Basic features
  • Free title page and bibliography
  • Unlimited revisions
  • Plagiarism-free guarantee
  • Money-back guarantee
  • 24/7 support
On-demand options
  • Writer’s samples
  • Part-by-part delivery
  • Overnight delivery
  • Copies of used sources
  • Expert Proofreading
Paper format
  • 275 words per page
  • 12 pt Arial/Times New Roman
  • Double line spacing
  • Any citation style (APA, MLA, Chicago/Turabian, Harvard)

Our guarantees

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.

Money-back guarantee

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 more

Zero-plagiarism guarantee

Each 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 more

Free-revision policy

Thanks 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 more

Privacy policy

Your 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 more

Fair-cooperation guarantee

By 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

STAY HOME, SAVE LIVES. Order your essay today and save 20% with the discount code ATOM