Partnership(taxation) a) C and D are equal partners in the CD partnership. C starts the...
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Accounting
Partnership(taxation)
a) C and D are equal partners in the CD partnership. C starts the year with an AB of 400 in the partnership while D starts the year with an AB of 700. The partnership distributes cash of 500 to C and land, AB 300 FMV 500 to D. The partnership thereafter continues operations. What consequences?
(b) Same as (a) except that the land had an AB of 800 (FMV still 500).
(c) Same as (a) except that the land had a FMV of 600 and liabilities attached of 100.
(d) Same as (c) (land has AB 300, FMV 600, attached liability 100) except that the distributions were in liquidation of the partnership
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