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28 Sep 2019
please answer below t or f questions
A partner receives a distribution of cash, inventory and avehicle. His outside basis is first allocated to the inventory,then to the cash and then to the vehicle.
Any partnership debt that is allocated to another partner istreated as deemed cash contribution.
Bobby owns 60 percent of the stock of ABC Corporation. Unrelatedindividuals own the remaining 40 percent. For a stock redemption tobe treated as an exchange under the "substantiallydisproportionate" rule, the redemption must reduce bobbyâs stockownership below 48 percent
Flow-through S-corporation losses that are not deductible due toloss-limitation rules are suspended and carried forward for 5years
please answer below t or f questions
A partner receives a distribution of cash, inventory and avehicle. His outside basis is first allocated to the inventory,then to the cash and then to the vehicle.
Any partnership debt that is allocated to another partner istreated as deemed cash contribution.
Bobby owns 60 percent of the stock of ABC Corporation. Unrelatedindividuals own the remaining 40 percent. For a stock redemption tobe treated as an exchange under the "substantiallydisproportionate" rule, the redemption must reduce bobbyâs stockownership below 48 percent
Flow-through S-corporation losses that are not deductible due toloss-limitation rules are suspended and carried forward for 5years
Deanna HettingerLv2
28 Sep 2019
