1. Allie contributed the following business assets to ASW on August 1, 2015:
What is the holding period for the building and the inventory to ASW Building – long-term capital or § 1231 asset.
b. Building – short-term ordinary asset.
c. Inventory – short-term ordinary asset.
d. Botha and c.
2. Shelly contributed the following business assets to S&S on March 3, 2015:
What is the basis in the equipment and the to S&S?
a. Equipment $0; $ 0.
b. Equipment $75,000; $ 0.
c. Equipment $45,000; $ 0.
d. Equipment $45,000; $100,000.
3. Styron is a partner in Styron, Lee, & Jane Styron owned 25% from January 1, 2015 to June 30, 2015, when he bought Lee’s 25% interest. He owned 50% for the rest of the year. The had ordinary income of $88,000 and $12,000 in long-term capital gains. Barring any special allocations in a agreement, Styron’s share of ordinary income for the year is:
a. $ 11,000.
b. $ 33,000.
c. $ 88,000.
d. $100,000.
4. Katlin contributes land to a with a basis of $44,000 and a FMV of $56,000 in 2013. In 2015, when the FMV of the land is $58,000, the distributes the land to Baily, another partner. Which of the following is true?
a. Katlin recognizes no gain or loss.
b. Baily recognizes a gain of $14,000.
c. Katlin recognizes a gain of $12,000.
d. Baily has a basis of $58,000 in the land.
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