Amy and Mitchell are equal partners in the accrual basis AM Partnership. At the beginning of the … 1 answer below »

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Need the answers to 44,45,46 they are all connected


market value of each LLC members capital account. 44. Lo 7, 9, 10 Amy and Mitchell are equal partners in the accrual basis AM Partnership At the beginning of the current tax year, Amys capital account a bal ance of $300,000, and the partnership has recourse debts of $200,000 payable to unre parties. Assume that all partnership recourse debt is shared equally between partners. The following information about AMs operations for the current year is obtained from the partnerships records: $400,000 Ordinary income 4,000 Interest income o on Long-term capital loss 6,000 Short-term capital gain 12,000 4,000 Charitable contribution Cash distribution to Amy 20,000 Assume that year-end partnership debt payable to unrelated parties is $140,000. If all transactions are reflected in her beginning capital and basis in the same manner, what is Amys basis in the partnership interest a. At the beginning of the year b. At the end of the year? 45. Lo 7, 8 Assume the same facts as in Problem 44. What income, gains, losses, and deductions does Amy report on her income tax return? Based on the infor- mation provided, what other calculations is she required to make? 40. LO.11 Assume the same facts as in Problem 44. Prepare Amys tax-basis capital account rollforward from the beginning to the end of the tax year. How does her capital

Amy and Mitchell are equal partners in the accrual basis AM Partnership. At the beginning of the current tax year, Amy’s capital account a balance of $300,000, and the partnership has recourse debts of $200,000 payable to unrelated parties. Assume that all partnership recourse debt is shared equally between the partners. The following information about AM’s operations for the current year is obtained from the partnership’s records: Ordinary income $400,000 Interest income 4,000 Long-term capital loss 6,000 Short-term capital gain 12,000 Charitable contribution 4,000 Cash distribution to Amy 20,000 Assume that year-end partnership debt payable to unrelated parties is $140,000. If all transactions are reflected in her beginning capital and basis in the same manner, what is Amy’s basis in the partnership interest. a. At the beginning of the year b. At the end of the year? Assume the same facts as in Problem 44. What income, gains, losses, and deductions does Amy report on her income tax return? Based on the information provided, what other calculations is she required to make? Assume the same facts as in Problem 44. Prepare Amy’s tax-basis capital account roll forward from the beginning to the end of the tax year. How does her capital

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