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ACCT 311 ACCT311 ACCT/311 Ch 20 Practice Exercises.docx

ACCT 311 ACCT311 ACCT/311 Ch 20 Practice Exercises.docx

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ACCT 311 ACCT311 ACCT/311 Ch 20 Practice Exercises.docx

1. Lance contributed investment property worth $500,000, purchased three years ago for $200,000 cash, to Cloud Peak LLC in exchange for an 85 percent profits and capital interest in the LLC. Cloud Peak owes $300,000 to its suppliers but has no other debts.
a. What is Lance’s tax basis in his LLC interest?
Tax basis$455,000
,

Description

ACCT 311 ACCT311 ACCT/311 Ch 20 Practice Exercises.docx

1. Lance contributed investment property worth $500,000, purchased three years ago for $200,000 cash, to Cloud Peak LLC in exchange for an 85 percent profits and capital interest in the LLC. Cloud Peak owes $300,000 to its suppliers but has no other debts.
a. What is Lance’s tax basis in his LLC interest?
Tax basis$455,000
Explanationa.$455,000.Lance’s basis in his LLC interest is made up of the $200,000 basis of the investment property he transferred to the LLC and his $255,000 share of the LLC debt (85% × $300,000).
Because LLC general debt obligations are treated as nonrecourse debt, Lance’s profit-sharing ratio is used to allocate a portion of the LLC debt to him.
b. What is Lance’s holding period in his interest?Holding periodPeriod of three years for which Lance had been holding investment propertyExplanationb.Three years.Because Lance contributed a capital asset, the holding period of the contributed assets “tacks onto” his partnership interest.
c.What is Cloud Peak’s basis in the contributed property?
Basis$200,000Explanationc.$200,000.
The LLC takes a carryover basis in the contributed property.
d.What is Cloud Peak’s holding period in the contributed property?
Holding period
Period of three years for which Lance had been holding investment property
5. Ansel purchased raw land three years ago for $200,000 to hold as an investment. After watching the value of the land drop to $150,000, he decided to contribute it to Mountainside Developers LLC in exchange for a 5 percent capital and profits interest. Mountainside plans to develop the property and will treat it as inventory, like all the other real estate it holds.
a.If Mountainside sells the property for $150,000 after holding it for one year, how much gain or loss does it recognize, and what is the character of the gainor loss? [Hint: See I.R.C. §724.]Capital loss$50,000b.
If Mountainside sells the property for $125,000 after holding it for two years,how much gain or loss does it recognize, and what is the character of the gainor loss?Capital loss$50,000Ordinary loss$25,000
Explanation
b.In this instance, Mountainside Developers will recognize a $75,000 loss from the sale of the land. The built-in loss at the time the land was contributed or $50,000 will be characterized as a capital loss, and the remaining $25,000 loss will be characterized as an ordinary loss per Section 724(c).
c.If Mountainside sells the property for $150,000 after holding it for six years, how much gain or loss does it recognize, and what is the character of the gainor loss?

ACCT 311 ACCT311 ACCT/311 Ch 20 Practice Exercises.docx

ACCT 311 School: Champlain College * Documents (37) Q&A (1) Textbook Exercises ACCT 311 Documents All (37) Assessments Assignments Essays Homework Help Lab Reports Lecture Slides Lesson Plans Notes Syllabi Test Prep

Showing 1 to 30 of 37 Sort by: Most Popular 1 pagesWeek 6 Discussion Response 1.docxWeek 6 Discussion Response 1.docx Champlain College

ACCT 311 – Spring 2021 Register Now Week 6 Discussion Response 1.docx 1 pagesWeek 6 Discussion Response 3.docxWeek 6 Discussion Response 3.docx Champlain College

ACCT 311 – Spring 2021 Register Now Week 6 Discussion Response 3.docx 1 pagesWeek 6 Discussion Post.docxWeek 6 Discussion Post.docx Champlain College

ACCT 311 – Spring 2021 Register Now Week 6 Discussion Post.docx 1 pagesWeek 6 Discussion Response 2.docxWeek 6 Discussion Response 2.docx Champlain College

ACCT 311 – Spring 2021 Register Now Week 6 Discussion Response 2.docx 1 pagesWeek 5 Discussion Post.docxWeek 5 Discussion Post.docx Champlain College

ACCT 311 – Spring 2021 Register Now Week 5 Discussion Post.docx 1 pagesWeek 5 Discussion Post Response 1.docxWeek 5 Discussion Post Response 1.docx Champlain College

ACCT 311 ACCT311 ACCT/311 Ch 20 Practice Exercises.docx

ACCT 311 – Spring 2021 Register Now Week 5 Discussion Post Response 1.docx 1 pagesWeek 5 Discussion Post Response 2.docxWeek 5 Discussion Post Response 2.docx Champlain College

ACCT 311 – Spring 2021 Register Now Week 5 Discussion Post Response 2.docx 1 pagesWeek 3 Discussion Response 2.docxWeek 3 Discussion Response 2.docx Champlain College

ACCT 311 – Spring 2021 Register Now Week 3 Discussion Response 2.docx 1 pagesWeek 3 Discussion Response 3.docxWeek 3 Discussion Response 3.docx Champlain College

ACCT 311 – Spring 2021 Register Now Week 3 Discussion Response 3.docx 2 pagesWeek 3 Discussion Response.docxWeek 3 Discussion Response.docx Champlain College

ACCT 311 – Spring 2021 Register Now Week 3 Discussion Response.docx 1 pagesWeek 3 Discussion Response 1.docxWeek 3 Discussion Response 1.docx Champlain College

ACCT 311 – Spring 2021 Register Now Week 3 Discussion Response 1.docx 1 pagesWeek 2 Discussion Response 3.docxWeek 2 Discussion Response 3.docx Champlain College

ACCT 311 – Spring 2021 Register Now Week 2 Discussion Response 3.docx 2 pagesWeek 2 Discussion Response.docxWeek 2 Discussion Response.docx Champlain College

ACCT 311 – Spring 2021 Register Now Week 2 Discussion Response.docx 1 pagesWeek 2 Discussion Response 1.docxWeek 2 Discussion Response 1.docx Champlain College

ACCT 311 – Spring 2021 Register Now Week 2 Discussion Response 1.docx 1 pagesWeek 2 Discussion Response 2.docxWeek 2 Discussion Response 2.docx Champlain College

ACCT 311 – Spring 2021 Register Now Week 2 Discussion Response 2.docx 2 pagesWeek 1 Discussion.docxWeek 1 Discussion.docx Champlain College

ACCT 311 ACCT311 ACCT/311 Ch 20 Practice Exercises.docx

ACCT 311 – Spring 2021 Register Now Week 1 Discussion.docx 2 pagesWeek 1 Discussion Response 1.docxWeek 1 Discussion Response 1.docx Champlain College

ACCT 311 – Spring 2021 Register Now Week 1 Discussion Response 1.docx 1 pagesWeek 1 Discussion Response 3.docxWeek 1 Discussion Response 3.docx Champlain College

ACCT 311 – Spring 2021 Register Now Week 1 Discussion Response 3.docx 1 pagesWeek 1 Discussion Response 2.docxWeek 1 Discussion Response 2.docx Champlain College

ACCT 311 – Spring 2021 Register Now Week 1 Discussion Response 2.docx 8 pagesCh 21 Practice Exercises.docxCh 21 Practice Exercises.docx Champlain College

ACCT 311 – Spring 2021 Register Now Ch 21 Practice Exercises.docx 5 pagesCh 23 Homework.docxCh 23 Homework.docx Champlain College

ACCT 311 – Spring 2021 Register Now Ch 23 Homework.docx 10 pagesCh 23 Practice Exercises.docxCh 23 Practice Exercises.docx Champlain College

ACCT 311 – Spring 2021 Register Now Ch 23 Practice Exercises.docx 5 pagesChapter 17 Homework.docxChapter 17 Homework.docx Champlain College

ACCT 311 – Spring 2021 Register Now Chapter 17 Homework.docx 13 pagesChapter 19 Practice Exercises.docxChapter 19 Practice Exercises.docx Champlain College

ACCT 311 – Spring 2021 Register Now Chapter 19 Practice Exercises.docx 6 pagesChapter 18 Practice Exercises.docxChapter 18 Practice Exercises.docx Champlain College

ACCT 311 – Spring 2021 Register Now Chapter 18 Practice Exercises.docx 3 pagesChapter 18 Homework Exercises.docxChapter 18 Homework Exercises.docx Champlain College

ACCT 311 ACCT311 ACCT/311 Ch 20 Practice Exercises.docx

ACCT 311 – Spring 2021 Register Now Chapter 18 Homework Exercises.docx 8 pagesCh 24 Practice Exercises.docxCh 24 Practice Exercises.docx Champlain College

ACCT 311 – Spring 2021 Register Now Ch 24 Practice Exercises.docx 4 pagesCh 20 Homework.docxCh 20 Homework.docx Champlain College

ACCT 311 – Spring 2021 Register Now Ch 20 Homework.docx 8 pagesCh 20 Practice Exercises.docxCh 20 Practice Exercises.docx Champlain College

ACCT 311 – Spring 2021 Register Now Ch 20 Practice Exercises.docx 9 pagesCh 16 Practice Exercises.docxCh 16 Practice Exercises.docx Champlain College

ACCT 311 – Spring 2021 Register Now Ch 16 Practice Exercises.docx Prev 1 2 Next Recent Documents 11 pagesCh 22 Practice Exercises.docxCh 22 Practice Exercises.docx Champlain College

ACCT 311 – Spring 2021 Register Now Ch 22 Practice Exercises.docx 4 pagesCh 21 Homework Assignment.docxCh 21 Homework Assignment.docx Champlain College

ACCT 311 – Spring 2021 Register Now Ch 21 Homework Assignment.docx 5 pagesCh 22 Homework.docxCh 22 Homework.docx Champlain College

ACCT 311 ACCT311 ACCT/311 Ch 20 Practice Exercises.docx

ACCT 311 – Spring 2021 Register Now Ch 22 Homework.docx 6 pagesCh 16 Homework.docxCh 16 Homework.docx Champlain College

ACCT 311 – Spring 2021 Register Now Ch 16 Homework.docx 3 pagesCh 24 HW.docxCh 24 HW.docx Champlain College

ACCT 311 – Spring 2021 Register Now Ch 24 HW.docx ACCT 311 Tests Questions & Answers Showing 1 to 1 of 1 View all Omniocular made a valid S election effective January 1, 2021. Barry and Winnie each owns 50 percent of the voting power and has an equal claim on Omniocular’s 1 2 3 4 5 Back to Department Related Courses

ACCT 230 – Intermediate Accounting (108 Documents)ACCT 350 – (31 Documents)ACCT 140-45 – FINANCIAL ACCOUNTING (25 Documents)ACCT 310-81 – Federal Taxation (24 Documents)ACCT 231 – 231 (14 Documents)ACCT -231 – (7 Documents)

ACCT 420 – Audting (5 Documents)ACCT 240 – mGMNT 240 (5 Documents)ACCT 310 – 310 (4 Documents)ACCT -280-45A – Forensic Accounting (3 Documents)

ACCT 311 ACCT311 ACCT/311 Ch 20 Practice Exercises.docx

ACCT 311 – Spring 2021 Register Now Chapter 18 Homework Exercises.docx 8 pagesCh 24 Practice Exercises.docxCh 24 Practice Exercises.docx Champlain College

ACCT 311 – Spring 2021 Register Now Ch 24 Practice Exercises.docx 4 pagesCh 20 Homework.docxCh 20 Homework.docx Champlain College

ACCT 311 – Spring 2021 Register Now Ch 20 Homework.docx 8 pagesCh 20 Practice Exercises.docxCh 20 Practice Exercises.docx Champlain College

ACCT 311 – Spring 2021 Register Now Ch 20 Practice Exercises.docx 9 pagesCh 16 Practice Exercises.docxCh 16 Practice Exercises.docx Champlain College

ACCT 311 – Spring 2021 Register Now Ch 16 Practice Exercises.docx Prev 1 2 Next Recent Documents 11 pagesCh 22 Practice Exercises.docxCh 22 Practice Exercises.docx Champlain College

ACCT 311 – Spring 2021 Register Now Ch 22 Practice Exercises.docx 4 pagesCh 21 Homework Assignment.docxCh 21 Homework Assignment.docx Champlain College

ACCT 311 – Spring 2021 Register Now Ch 21 Homework Assignment.docx 5 pagesCh 22 Homework.docxCh 22 Homework.docx Champlain College

ACCT 311 ACCT311 ACCT/311 Ch 20 Practice Exercises.docx

ACCT 311 – Spring 2021 Register Now Ch 22 Homework.docx 6 pagesCh 16 Homework.docxCh 16 Homework.docx Champlain College

ACCT 311 – Spring 2021 Register Now Ch 16 Homework.docx 3 pagesCh 24 HW.docxCh 24 HW.docx Champlain College

ACCT 311 – Spring 2021 Register Now Ch 24 HW.docx ACCT 311 Tests Questions & Answers Showing 1 to 1 of 1 View all Omniocular made a valid S election effective January 1, 2021. Barry and Winnie each owns 50 percent of the voting power and has an equal claim on Omniocular’s 1 2 3 4 5 Back to Department Related Courses

ACCT 230 – Intermediate Accounting (108 Documents)ACCT 350 – (31 Documents)ACCT 140-45 – FINANCIAL ACCOUNTING (25 Documents)ACCT 310-81 – Federal Taxation (24 Documents)ACCT 231 – 231 (14 Documents)ACCT -231 – (7 Documents)

ACCT 420 – Audting (5 Documents)ACCT 240 – mGMNT 240 (5 Documents)ACCT 310 – 310 (4 Documents)ACCT -280-45A – Forensic Accounting (3 Documents)

ACCT 311 ACCT311 ACCT/311 Ch 20 Practice Exercises.docx

ACCT 311 – Spring 2021 Register Now Ch 22 Homework.docx 6 pagesCh 16 Homework.docxCh 16 Homework.docx Champlain College

ACCT 311 – Spring 2021 Register Now Ch 16 Homework.docx 3 pagesCh 24 HW.docxCh 24 HW.docx Champlain College

ACCT 311 – Spring 2021 Register Now Ch 24 HW.docx ACCT 311 Tests Questions & Answers Showing 1 to 1 of 1 View all Omniocular made a valid S election effective January 1, 2021. Barry and Winnie each owns 50 percent of the voting power and has an equal claim on Omniocular’s 1 2 3 4 5 Back to Department Related Courses

ACCT 230 – Intermediate Accounting (108 Documents)ACCT 350 – (31 Documents)ACCT 140-45 – FINANCIAL ACCOUNTING (25 Documents)ACCT 310-81 – Federal Taxation (24 Documents)ACCT 231 – 231 (14 Documents)ACCT -231 – (7 Documents)

ACCT 420 – Audting (5 Documents)ACCT 240 – mGMNT 240 (5 Documents)ACCT 310 – 310 (4 Documents)ACCT -280-45A – Forensic Accounting (3 Documents)

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