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Question: 1. Partner X in the XYZ partnership (an equal partnership between X, Y, and Z) sells some land to the partnership. X's basis in the land is $200,000, and the FMV and sales price is $150,000. Is the loss deductible to X? What would your answer be if Y is X's father? What would your answer be if Y is X's cousin? Suppose that Y is X's father, X sells the land to the partnership for $150,000, and the partnership later sells the land for $180,000. What is the partnership's gain or loss on the sale? What is your answer if the partnership sells the land for $230,000?

2. Partner D of the equal DEF partnership contributes property (FMV = $100,000, basis = $60,000) to the partnership. One year later, the partnership distributes $50,000 cash to partner D. How is the original contribution and the later distribution treated if it is not a disguised sale? How are they treated if it is a disguised sale?

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Accounting Basics, Accounting

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