If partner|ship debt is reduced and a partner is deemed to receive a cash distribution, what impact does the deemed distribution have on the partner if it is in excess of her tax basis?
A. The partner will treat the distribution in excess of her basis as ordinary income
B. The partner will treat the distribution in excess of her basis as capital gain
C. The partner will not ever be taxed on the distribution in excess of her basis
D. The partner will not be taxed on the distribution in excess of her basis until she sells her partnership interest
Answers (1)
Know the Answer?
Not Sure About the Answer?
Get an answer to your question ✅ “If partner|ship debt is reduced and a partner is deemed to receive a cash distribution, what impact does the deemed distribution have on ...” in 📙 Business if there is no answer or all answers are wrong, use a search bar and try to find the answer among similar questions.
Search for Other Answers
You Might be Interested in
Which type of communication has replaced many other types of communication over the years? O A Faxes O B. Phone calls C. Email D. Memos
Answers (1)
Identify the type of planning used to develop multiple-year plans based on a situational analysis, competitive assessments, and external factors of the organization. a. Strategic planning b. Operational planning c. Contingency planning d.
Answers (1)
You invest $1,000 in a complete portfolio. The complete portfolio is composed of a risky asset with an expected rate of return of 16% and a standard deviation of 20% and a Treasury bill with a rate of return of 6%, what proportion ofyour $1,000
Answers (1)
Database Systems is considering expansion into a new product line. Assets to support expansion will cost $500,000. It is estimated that Database can generate $1,200,000 in annual sales, with a 6 percent profit margin.
Answers (1)
Prepare a journal entry for the following transaction: On December 17, On Your Mark paid $1,500 to Keystone Insurance Company toward the premium for a six-month insurance policy, check No. 1001.
Answers (1)
New Questions in Business
True or False: Production runs can be scheduled in one or two shifts. A. True B. False
Answers (1)
A message is updated on the company's web site. What is the communication type that is being used in that example? A. External formal communication B. External informal communication C. Internal formal communication D.
Answers (1)
Joe and Jack have a written contract whereby Joe agrees to sell Jack a plot of land for $100,000. Later, without terminating the first contract, the parties modify the deal so that Joe sells Jack the same plot of land for $125,000.
Answers (1)
1. Use the accounting equation to solve for equity. 2. If next year assets increased by $ 4 comma 200 and equity decreased by $ 2 comma 580 , what would be the amount of total liabilities for Jefferson Handyman Services?
Answers (1)
Explain how technology has dramatically affected the efficiency and effectiveness of finding customers.
Answers (1)