(SOLVED) The Boyle brothers own and operate a

microbrewery The partnersh

The Boyle brothers own and operate a microbrewery. The partnership has 2 equal partners, Ed
and John. At the close of the current year, John’s basis in the partnership is $42,000, and Ed’s
basis is $31,000. What are the tax and basis effects if at year end, the partnership distributes […]

Maurice, Lawrence, and Kerwin own and operate a chain of sandwich shops as a partnership.
Maurice owns 40%, and his basis in the partnership is $80,000. Lawrence, a 35% owner, has a
basis of $50,000, and Kerwin, who owns 25%, has a basis in the partnership of $15,000. What
are […]

Myrna operates a plumbing business as a sole proprietorship. During the year, she sells the
business to Tonya for $175,000. The assets sold and the allocation of the purchase price are as
follows: Myrna acquired the building 10 years ago for $70,000. She acquired the equipment on
various dates, paying […]

Charger, Inc., has the following items for the current year:Net operating income ……….
$100,000Dividend income (50%-owned corporation) .. 40,000Charitable cash contributions ……..
20,000Net operating loss carryover ……… 10,000 a. What are the corporation’s taxable income
and tax liability?b. Assume that Charger is, and always has been, an S corporation wholly […]

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The New Tech Corporation contributes some of its inventory of scientific equipment to the
computer department of Great University during the current year. At the date of the contribution,
the equipment has a fair market value of $38,000. New Tech’s basis in the equipment is
$12,000.a. How much can New […]

Fairplay Corporation has gross income of $150,000 and taxable income of $50,000. The
company includes no special deductions in the calculation of its taxable income. While
reviewing the tax return, Fairplay’s accountant finds $20,000 in charitable contributions
improperly classified as advertising and promotion expense. He sends the return back to […]

The Baker Corporation has the following entries on its books for the current tax year:Net income
from operations ………… $120,000Dividends received (70% rules) ……….. 14,000Charitable
contributions made in current year …… 13,000Charitable contribution carryover from the previous
year . 1,900 What is the maximum charitable contribution deduction for the current […]

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