Larry and Moe form a partnership which maintains its records on a calendar year basis. The balance sheet of 3S Partnership is as follows:                                                   Basis                                         Value Cash                                        $45                                          $45 Land                                          45                                          120 Inventory                                  54                                            45                                               $144                                        $210 Huey                                       $72                                        $105 Dewey                                       72                                          105                                               $144                                        $210  At the end of the current year, Curly will receive a 1/3 capital interest in exchange for services rendered. Curly’s interest is not subject to a substantial risk of forfeiture. For the current year, the income and expenses from operations are equal. Therefore, the only tax consequences for the year are those relating to the admission of Curly. a. Compute Curly’s basis in his partnership interest. b. Compute any gain or loss Curly may recognize as a result of his admission to the partnership. c. Prepare the balance sheet of 3S partnership immediately after the admission of Curly.

AJS partnership has the following: Partner Partner’s Year end Interest A 5/31 35% J 6/30 10% S 10/31 55%   a. What is the required year end, assuming a business purpose year end can’t be shown?  b. What is the year end with the least aggregate deferral?

Which is not an example of partnership organizational expenses?

If a partnership has organizational expenses of $53,000, how much of the expenses can the partnership deduct (not including amortization)?  

Which of the following items should not be separately stated on Schedules K and K-1?

Partners D, A, W, and G form the Maroon partnership, contributing the following assets:     Interest Asset Basis FMV Liability D 40% Hump $40,000 $200,000 $160,000 A 40% Dude $120,000 $60,000 $20,000 W 10% D-Wade $10,000 $70,000 $60,000 G 10% Nusz $30,000 $20,000 $10,000   How much is each partner’s basis in their partnership interest? How much gain, if any, does each partner recognize?

Which of the following does not describe the historical view of business responsibilities through the first half of the twentieth century?

The ________ is the United States’ largest trading partner, and vice versa.

When discussing organizational reputation the ethics component means:

________ has been interpreted to forbid discrimination on the basis of race in employment, which is essentially a contractual relationship.