Prentice halls federal taxation test bank chapter 9Word格式.docx
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Prentice halls federal taxation test bank chapter 9Word格式.docx
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4)Apartnershipcannotmakecharitablecontributions.
9-16
2
5)ABCPartnershipdistributes$12,000topartnerAl.Al'
sdistributiveshareofpartnershipincomeis$20,000.Alistaxedon$20,000.
TRUE
9-17
6
6)Apartner'
s"
distributiveshare"
isthepartner'
sshareofanyassetsdistributedbythepartnership.
7)Apartner'
sshareofnonrecoursedebtincreasesthatpartner'
sshareofbasis.
9-22
7
8)Apartner'
sbasisforhisorherpartnershipinterestisincreasedbyhisshareofthepartnership'
stax-exemptincome.
9-24
9)Limitedpartnersmustconsidertheat-risk,basis,andpassivelosslimitationswhendeterminingtheamountoftheirdeductibleloss.
9-26andC:
9-27
8
10)Nogainisrecognizedonthesaleofpropertybetweenapartnershipandamore-than-50%partner.
9-28
11)Guaranteedpaymentsarealwaysordinaryincometotherecipient.
9
12)ApartnershipmustfileForm1065onlyifitsincomeexceeds$1,000.
9-32
12
13)Identifywhichofthefollowingstatementsistrue.
A)Formationofapartnershiprequireslegaldocumentation.
B)Anindividualengagedintheactiveconductofabusinessmustelectnottobetaxedasapartnership.
C)Apartnershipexistsaslongasthereareatleasttwoindividualsorentitiesengagedintheactiveconductofatradeorbusinessorafinancialoperation,andthebusinessisnotatrustoracorporation.
D)Alloftheabovearefalse.
C
14)Thedefinitionofapartnershipdoesnotinclude
A)asyndicate.
B)agroup.
C)apool.
D)Alloftheaboveareincluded.
D
15)Identifywhichofthefollowingstatementsistrue.
A)Allofthepartnersinalimitedpartnershiphavelimitedliability.
B)Alimitedpartnershipmusthaveatleasttwogeneralpartners.
C)Alimitedpartnershipcannothaveacorporategeneralpartner.
9-3
16)Whichofthefollowingisfalse?
A)Alargepartnershipmustnotbeaservicepartnership.
B)Alargepartnershipmusthavefewerthan100partners.
C)Alargepartnershipmustnotbeengagedincommoditytrading.
D)Alargepartnershipissubjecttoadifferentsystemofaudits.
B
9-4
17)Electinglargepartnershiprulesdifferfromotherpartnershiprulesinallofthefollowingareasexcept
A)partnershipincomereporting.
B)partnershiptermination.
C)partnershipaudits.
D)Alloftheabovearelargepartnershipruledifferences.
18)Onthefirstdayofthepartnership'
staxyear,Karenpurchasesa50%interestinageneralpartnershipfor$30,000cashandshemateriallyparticipatesintheoperationofthepartnershipfortheentireyear.Thepartnershiphas$40,000inrecourseliabilitieswhenKarenentersthepartnership.Partnerssharetheeconomicriskoflossfromrecourseliabilitiesinthesamewaytheysharepartnershiplosses.Thereisnominimumgainrelatedtothenonrecourseliability.Duringtheyear,thepartnershipincursa$120,000lossanda$20,000increaseinliabilities.HowmuchofthelosscanKarenreportonhertaxreturnforthecurrentyear?
A)$30,000
B)$40,000
C)$50,000
D)$60,000
Explanation:
D)
Beginningbasis
$30,000
Plus:
50%ofbeginning-of-yearliabilities
50%ofincreaseinliabilities
20,000
10,000
Karen'
sSec.704(d)basis
$60,000
sat-riskbasis
50%ofpartnershiploss($120,000×
0.50)
ThelossisdeductibleonlytotheextentofKaren'
sat-riskbasis,or$50,000.
9-5;
ExampleC:
19)Identifywhichofthefollowingstatementsistrue.
A)Distributionofpartnershipincomeintheformofcashtopartnersisgenerallytax-freetothepartnersandthepartnership.
B)Whenpartnersreceivecashdistributionsfromthepartnership,theypaytaxesonthosedistributions.
C)Ifmoneydistributionsexceedthepartner'
sbasisinthepartnershipinterest,thepartnerwouldhavetorecognizegainonthedistributionfromthepartnership.Suchgainisusuallyanordinarygain.
D)Alloftheabovearetrue.
A
20)Georgepays$10,000fora20%interestinageneralpartnership,whichhasrecourseliabilitiesof$20,000.Thepartnerssharetheeconomicriskoflossfromrecourseliabilitiesinthesamewaytheysharepartnershiplosses.George'
sbasisinhispartnershipinterestis
A)$10,000.
B)$12,000.
C)$14,000.
D)$30,000.
C)
$10,000
20%ofliabilities
4,000
George'
sbasis
$14,000
9-1
21)OnJanuary1,Helmutpays$2,000fora10%capital,profits,andlossinterestinapartnership,whichhasrecourseliabilitiesof$20,000.Thepartnersshareeconomicriskoflossfromrecourseliabilitiesinthesamewaytheysharepartnershiplosses.Inthesameyear,thepartnershipincurslossesof$6,000andtherecourseliabilitiesincreaseby$5,000.Helmutandthepartnershipuseacalendartaxyear-end.Helmut'
sbasisatyear-endis
A)$1,500.
B)$2,000.
C)$3,500.
D)$3,900.
$2,000
10%ofJanuary1liabilities
2,000
10%ofincreaseinliabilities
500
Minus:
10%oflosspassthrough
(600)
Basisatendoftheyear
$3,900
22)Identifywhichofthefollowingstatementsistrue.
A)Acontributionofservicesforapartnershipinterestisatax-freetransaction.
B)Forfederalincometaxpurposes,formationofapartnershipisgovernedbySec.721.
C)Whenapartnershipassumesaliabilityonpropertycontributedbyapartner,theonlyeffectonthecontributingpartner'
sbasisinhisorherpartnershipinterestisthathisorherbasiswillbeincreasedbytheamountoftheliabilityassumedbytheotherpartners.
9-6andC:
9-7
23)Yongcontributesamachinehavinganadjustedbasisof$20,000andanFMVof$25,000fora10%partnershipinterest.Yonghadtaken$10,000ofdepreciationpriortothecontribution.Thepartnershiphasnoliabilities.Asaresultofthecontribution,Yongmustrecognize
A)nogainorloss.
B)a$5,000Sec.1245gain.
C)a$5,000capitalgain.
D)$10,000ordinaryincome.
A)Nogainorlossisrecognizedatthetimeofthecontribution.
24)Identifywhichofthefollowingstatementsistrue.
A)Apartner'
sreliefofdebtistreatedasifthepartnerreceivesacashdistribution.
B)Whenapartnershipassumesanyliabilitiesofthetransferor,thetransferorhasanincreaseinthebasisofhisorherpartnershipinterest.
C)Gainrecognizedbyacontributingpartnerbecauseoftheassumptionofliabilitiesbythepartnershipincreasesthepartnership'
sbasisinthecontributedproperty.
25)Fora20%interestinpartnershipcapital,profits,andlosses,Kasicontributesamachinehavingabasisof$30,000andanFMVof$40,000.Thepartnershipalsoassumesa$24,000recourseliabilitysecuredbythemachine.Thepartnershiphas$6,000inrecourseliabilitiesimmediatelyprecedingKasi'
scontributions.Partnerssharetheeconomicriskoflossfromrecourseliabilitiesinthesamewaytheysharepartnershiplosses.Kasi'
sbasisinthepartnershipinterestis
A)$10,800.
C)$13,200.
B)
Beginningbasis(machinebasis)
$30,000
liabilityassumedbyotherpartners
(19,200)
20%ofotherpartnershipliabilities
1,200
Kasi'
$12,000
9-7;
9-6
26)Fora30%interestinpartnershipcapital,profits,andlosses,Carolcontributesamachinewithabasisof$40,000andanFMVof$80,000.Thepartnershipassumesa$70,000recourseliabilityonthemachine.Atthetimeofthecontribution,thepartnershiphadrecourseliabilitiesof$10,000.Partnerssharetheeconomicriskoflossfromrecourseliabilitiesinthesamewaytheysharepartnershiplosses.Followingthecontribution,Carolhas
A)acapitallossduetothecontributionof$6,000andazerobasisinthepartnershipinterest.
B)acapitalgainduetothecontributionof$6,000andazerobasisinthepartnershipinterest.
C)a$34,000basisinthepartnershipinterestandnogainorloss.
D)a$43,000basisinthepartnershipinterestandnogainorloss.
Beginningbasis(carryoverfrommachinery)
$40,000
(49,000)
liabilityassumedbyCarol
3,000
Tentativepartnershipinterestbas
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