Sam is allocated a ($7,000) loss from Longleaf, a general partnership in which Sam is an active and material participant. His basis in the partnership interest was $11,000 prior to considering his share of Longleaf’s loss. This $11,000 basis includes Sam’s $2,600 share of recourse debt and $5,300 share of nonrecourse debt. (These debt allocations did not change during the year.) How much loss may Sam deduct this year after considering any applicable loss limitations?

Three years ago, Melissa contributed land to a partnership. Her basis in the land then was $5,000, and its fair value was $9,000. This year, the land is distributed to Sean, another partner in the partnership. Melissa and Sean each have a 50 percent capital and profits interest in the partnership. The land’s fair value is $12,000 when it’s distributed. (Assume none of the precontribution gain has been previously recognized.)   [question 2 of 2] If Sean’s outside basis is $14,000 prior to the distribution, what is his beginning basis in the distributed property?

Colin is a partner in a general partnership in which he has an outside basis of $56,000 at the end of the year (prior to any distributions). On December 31, Colin receives a proportionate nonliquidating distribution of $6,000 cash and property with a $14,000 fair value and an $8,000 basis to the partnership. How much gain or loss must Colin recognize, and what is his outside basis in the partnership interest after the distribution?

Imelda provided accounting and tax services to Acacia, a partnership. As compensation for her services, Imelda received a 10 percent interest in the partnership. Acacia has $20,000 of nonrecourse debt and no recourse debt. The current fair value of Acacia’s capital is $60,000.   [question 2 of 2] If Imelda receives a 10 percent capital and profits interest, how much income must she report and what is her basis in the partnership interest?

Note: use the following fact pattern for the next two questions.   Bonnie is a partner in a general partnership in which she has an outside basis of $22,000 at the end of the year (prior to any distributions). On December 31, Bonnie receives a proportionate nonliquidating distribution of $16,000 cash and property with a $13,000 fair value and a $9,000 basis to the partnership.   [question 1 of 2] What is the amount and character of Bonnie’s gain or loss from the distribution?

Leslie received a 40 percent capital and profits interest in Sparkleberry, a general partnership, in exchange for accounting services she provided to the business. On top of her share of partnership profits or losses, Leslie receives a $15,000 guaranteed payment each year for ongoing services she provides to the partnership. Sparkleberry reported the following revenues and expenses this year:   Service revenue – $13,000 Depreciation expense (MACRS) – ($7,500) Charitable contributions – ($12,500) Gain on sale of land (a Sec. 1231 asset) – 4,000 Interest income – $500 Sec. 179 depreciation – (5,000) Guaranteed payment [to Leslie] – ($15,000)   How much ordinary business income (loss) will Sparkleberry allocate to Leslie on her Form 1065 Schedule K-1?

Bonnie is a partner in a general partnership in which she has an outside basis of $22,000 at the end of the year (prior to any distributions). On December 31, Bonnie receives a proportionate nonliquidating distribution of $16,000 cash and property with a $13,000 fair value and a $9,000 basis to the partnership.   [question 2 of 2] What is Bonnie’s beginning basis in the distributed property?

20. Which stage of a criminal trial involves the presentation of opening statements?

17. What is the primary role of a judge in a criminal trial?

Which amendment primarily protects against unreasonable searches and seizures?