Whittenburg Gerald E., Altus-Buller Martha. Income Tax Fundamentals
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Rhus Company
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C
39,000
113,000
A
39,000
74,000
592
592
592
- 0 -
- 0 -
Solutions to Self-Study Problems S-53
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S-54 Solutions to Self-Study Problems
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x
x
2,250
279
65
344
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2,250
Susan Green
Solutions to Self-Study Problems S-55
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S-56 Solutions to Self-Study Problems
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Chapter 10 Partnership Taxation
.............................................. ......................................
Self-Study Problem 10.1
1. Yes
2. No A corporation is not a partnership, but a separate type
of entity.
3. No The mere joint ownership of property does not
constitute a partnership; the owners must engage in
some type of business activity.
4. Yes The marketing of oil qualifies the venture as a
partnership.
5. Yes
Self-Study Problem 10.2
1. None
2. $36,000 The amount of cash contributed.
3. None
4. $17,500 The same as Linda’s basis in the equipment
contributed to the partnership.
5. $17,500 The same as Linda’s basis in the equipment
contributed.
Self-Study Problem 10.3
See Form 1065 and Schedule K-1 on pages S-59 to S-65.
Self-Study Problem 10.4
1. Partnership income before guaranteed payments $ 32,000
Less: guaranteed payments
(36,000)
Partnership loss after guaranteed payments
$ (4,000)
Jim’s income:
Guaranteed payments $ 36,0 00
50% of the $4,000 partnership loss
(2,000)
Total income
$ 34,000
2. Jack’s income (loss): 50% of the $4,000
partnership loss
$ (2,000)
Self-Study Problem 10.5
12 months $1,000 pe r month guaranteed payment $12,000
Add: Robert’s distributive share of income
21,000
Total income
$33,000
The $1,500 per month receiv ed in September, October, N ovember, and
December of 2010 will be reported on Robert’s 2011 income tax return.
The guaranteed payments received are reported for the partnership tax
year that ends with or within the partner’s tax year, in the same manner
as a distributive share of the partnership income.
Solutions to Self-Study Problems S-57
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Editorial review has deemed that any suppressed content does not materially affect the overall learning experience. Cengage Learning reserves the right to remove additional content at any time if subsequent rights restrictions require it.
Self-Study Problem 10.6
1. Maxwell has a $5,000 realized loss ($75,000 $70,000), but
the loss is not recognized since he is a more than 50 percent
partner, 50 percent directly and 50 percent indirectly from his
daughter.
2. The daughter has a $15,000 gain ($40,000 $25,000). Since
she is a more than 50 percent partner (50 percent directly and
50 percent indirectly), and the car is not a capital asset to the
partnership, the gain is ordinary income.
Self-Study Problem 10.7
1. $45,000, his amount at risk in the activity.
2. Profit $31,000
Less: carryover of disallowed loss from the
prior year ($60,000 $45,000)
(15,000)
Taxable income for 2011
$16,000
Self-Study Problem 10.8
1. False An election must be made to be treated like a corpora-
tion for tax purposes.
2. False
3. True
4. True
5. True
Chapter 11 The Corporate Income Tax
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Self-Study Problem 11.1
$22,250 þ (39% [$275,000 $100,000]) ¼ $90,500
Self-Study Problem 11.2
$22,250 þ (39% [$110,000 $100,000]) ¼ $26,150
None of the capital losses may be used to offset current year ordinary
income. The capital losses may be carried back 3 years and forward
5 years to offset capital gains, if any, recognized during those years.
Self-Study Problem 11.3
The dividends received deduction is equal to the lesser of $56,000 ¼ 80%
$70,000; or $48,000 ¼ 80% $60,000 ($90,000 þ $70,000 $100,000).
Therefore, $48,000 is the amount of the deduction.
S-58 Solutions to Self-Study Problems
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Editorial review has deemed that any suppressed content does not materially affect the overall learning experience. Cengage Learning reserves the right to remove additional content at any time if subsequent rights restrictions require it.
Malus Valley
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x
255,600
255,600
255,600
255,600
168,000
12,000
6,100
9,250
195,350
9,250
60,250
257,750
2010
Solutions to Self-Study Problems S-59
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Editorial review has deemed that any suppressed content does not materially affect the overall learning experience. Cengage Learning reserves the right to remove additional content at any time if subsequent rights restrictions require it.
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S-60 Solutions to Self-Study Problems
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Editorial review has deemed that any suppressed content does not materially affect the overall learning experience. Cengage Learning reserves the right to remove additional content at any time if subsequent rights restrictions require it.
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Solutions to Self-Study Problems S-61
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Editorial review has deemed that any suppressed content does not materially affect the overall learning experience. Cengage Learning reserves the right to remove additional content at any time if subsequent rights restrictions require it.
60,250
1,500
60,250
50,000
S-62 Solutions to Self-Study Problems
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Editorial review has deemed that any suppressed content does not materially affect the overall learning experience. Cengage Learning reserves the right to remove additional content at any time if subsequent rights restrictions require it.