Accounting : Midterm

Running head: ASSIGNMENT.Assignment.Student Name.Institution Affiliation.Date.ASSIGNMENT.Assignment.1.The JKLM Partnership owns the following assets on October 1 of the current year:AssetsPartnerships BasisFMVCash$12,000$12,000Receivables3,0003,000Inventory5,2506,000Machinery*47,50060,000Land9,12519,000Total$76,875$100,000*Sale of machinery for its FMV would result in $12,500 of 1245 depreciation recapture.Thus, the machinerys FMV and original cost are the same numerical value. Whichpartnership items are unrealized receivables?Partnership items and unrealizable receivables and in this case the unrealizedreceivables are the Receivables and the sec1245 recap from the machinery.a. Is the partnerships inventory substantially appreciated?Yes, this is because there is a gain from the sale of property if the company decides tosell. As we can see from the data provided, the inventory could be sold for a profit of$750 land could be sold at a profit of $60,000. What Im trying to convey is the fact thatthe FMV is more than the basis by more than 20%.b. Assume the JKLM Partnership has no liabilities and Jacks basis in his partnershipinterest is $ 76,875. On October 1 of the current year, Jack receives a $ 6,250 currentdistribution in cash, which reduces his partnership interest from one- fourth to onefifth. What are the tax results of the distribution (i. e., the amount and character of anygain, loss, or income recognized ...


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