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Sand, Mell, and Rand are partners who share incomes and losses in a 1:4:5 ratio. After lengthy disagreements among the partners and several unprofitable periods, the partners decided to liquidate the partnership. Before the liquidation, the partnership balance sheet showed the following: Cash $10,000 Total “other assets,” $106,000 Total liabilities, $88,000 Sand, Capital, $1,200 Mell, Capital, $11,700 Rand, Capital, $15,100 The “other assets” were sold for $ 85,000. Proceeds from the sale of other assets were used to payoff existing liabilities. Determine the following: 1)The gain (or loss) realized on the sale of the assets and recording of liabilities’ payment. 2)The balances in the partners’ capital accounts after the distribution of this gain or loss to the capital accounts. 3)Assume that if any capital deficits exist, they are not made up and the deficient partner pays down his or her deficit to zero. How much cash will each of the partners receive in the final liquidation? Solution Balance Sheet Assets Amount Liabilities Amount Cash $ 10,000.00 Total liabilities $ 88,000.00 Other Assets $ 106,000.00 Partner\'s Capital A/c Sand $ 1,200.00 Mell $ 11,700.00 RAND $ 15,100.00 Total $ 116,000.00 Total $ 116,000.00 Journal Entries Particular Amount(DR) Amount(CR) 1) Cash A/c $ 85,000.00 Loss on realization $ 21,000.00 To Other Assets $ 106,000.00 (Being amount realized on sale of assets) Sand=($21000*1/10) $ 2,100.00 Mell=($21000*4/10) $ 8,400.00 Rand=($21000*5/10) $ 10,500.00 To Loss on realization $ 21,000.00 (Being loss on realization distribute to partner\'s in their profit sharing ratio) Total Liabilities $ 88,000.00 To Cash $ 88,000.00 (Being amount paid to total liabilities) 2) Sand\'s Capital A/c Particular Amount(Dr) Particular Amount(Cr) To Loss on realization $ 2,100.00 By Balance B/d $ 1,200.00 By Cash A/c $ 900.00 Total $ 2,100.00 Total $ 2,100.00 Mell\'s Capital A/c Particular Amount(Dr) Particular Amount(Cr) To Loss on realization $ 8,400.00 By Balance B/d $ 11,700.00 To Cash $ 3,300.00 Total $ 11,700.00 Total $ 11,700.00 Rand\'s Capital A/c Particular Amount(Dr) Particular Amount(Cr) To Loss on realization $ 10,500.00 By Balance B/d $ 15,100.00 To Cash $ 4,600.00 Total $ 15,100.00 Total $ 15,100.00 3) Cash A/c Particular Amount(Dr) Particular Amount(Cr) To Balance b/d $ 10,000.00 By Total Liabilities $ 88,000.00 To Other assets $ 85,000.00 By Mell\'s Capital A/c $ 3,300.00 To Sand\'s Capital A/c $ 900.00 By Rand\'s Capital A/c $ 4,600.00 Total $ 95,900.00 Total $ 95,900.00.
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LESSON-4.-PARTNERSHIP-LIQUIDATION.-PPT.pdf
LESSON-4.-PARTNERSHIP-LIQUIDATION.-PPT.pdf
HannaDump1
Income under the 5 heads
Income under the 5 heads
Rishiraj Yadav
19 C H A P T E RC H A P T E R Corporations: Distributions Not in Complete Liquidation L E A RN I NG O B J E C T I V E S : After completing Chapter 19, you should be able to: LO.1 Explain the role that earnings and profits play in determining the tax treatment of distributions. LO.2 Compute a corporation’s earnings and profits (E & P). LO.3 Determine taxable dividends paid during the year by correctly allocating current and accumulated E & P to corporate distributions. LO.4 Describe the tax treatment of dividends for individual shareholders. LO.5 Evaluate the tax impact of property dividends by computing the shareholder’s dividend income, basis in the property received, and the effect on the distributing corporation’s E & P and taxable income. LO.6 Recognize situations when constructive dividends exist and compute the tax resulting from such dividends. LO.7 Compute the tax arising from receipt of stock dividends and stock rights and the shareholder’s basis in the stock and stock rights received. LO.8 Identify various stock redemptions that qualify for sale or exchange treatment. LO.9 Determine the tax impact of stock redemptions on the distributing corporation. LO.10 Identify planning opportunities available to minimize the tax impact in corporate distributions, constructive dividends, and stock redemptions. CHA P T E R OU T L I N E 19-1 Corporate Distributions—Overview, 19-2 19-2 Earnings and Profits (E & P), 19-3 19-2a Computation of E & P, 19-3 19-2b Summary of E & P Adjustments, 19-6 19-2c Current versus Accumulated E & P, 19-6 19-2d Allocating E & P to Distributions, 19-6 19-3 Dividends, 19-10 19-3a Rationale for Reduced Tax Rates on Dividends, 19-10 19-3b Qualified Dividends, 19-11 19-3c Property Dividends, 19-12 19-3d Constructive Dividends, 19-15 19-3e Stock Dividends and Stock Rights, 19-18 19-4 Stock Redemptions, 19-19 19-4a Overview, 19-19 19-4b Historical Background, 19-22 19-4c Stock Attribution Rules, 19-22 19-4d Not Essentially Equivalent Redemptions, 19-23 19-4e Disproportionate Redemptions, 19-24 19-4f Complete Termination Redemptions, 19-25 19-4g Redemptions to Pay Death Taxes, 19-26 19-5 Effect on the Corporation Redeeming Its Stock, 19-28 19-5a Recognition of Gain or Loss, 19-28 19-5b Effect on Earnings and Profits, 19-28 19-5c Redemption Expenditures, 19-28 19-6 Other Corporate Distributions, 19-29 19-7 Tax Planning, 19-29 19-7a Corporate Distributions, 19-29 19-7b Planning for Qualified Dividends, 19-30 19-7c Constructive Dividends, 19-31 19-7d Stock Redemptions, 19-32 © De nn is Fl ah er ty /G et ty Im ag es ,I nc . Not For Sale © C en ga ge L ea rn in g. A ll rig ht s r es er ve d. N o di st rib ut io n al lo w ed w ith ou t e xp re ss a ut ho riz at io n. T H E B I G P I C T U R E Tax Solution s for the Real World TAXING CORPORATE DISTRIBUTIONS Lime Corporation, an ice cream manufacturer, has had a very profitable year. To share its profits with its two .
19C H A P T E RC H A P T E RCorporations Distributions.docx
19C H A P T E RC H A P T E RCorporations Distributions.docx
hyacinthshackley2629
1) Which of the following is a characteristic of a corporation? A. Limited liability of stockholders B. No income tax C. Mutual agency D. Both b and c 2) Fair Play, Inc., issues 250,000 shares of no-par common stock for $ 5 per share. The journal entry is which of the following? A. Cash 1,250,000 Common Stock 250,000 Gain on the Sale of Stock 1,000,000 B. Cash 250,000 Common Stock 250,000 C. Cash 1,250,000 Common Stock 1,250,000 D. Cash 1,250,000 Common Stock 500,000 Paid-In Capital in Excess of Par 750,000 3) Stockholders are eligible for a dividend if they own the stock on the date of A. issuance. B. payment. C. record. D. declaration. 4) Dellanova Company's net income and net sales are $ 25,000 and $ 1,150,000, respectively, and average total assets are $ 120,000. What is Dellanova's return on assets? A. 20.8% B. 2.8% C. 9.8% D. 22.8% 5) Preferred stock is least likely to have which of the following characteristics? A. The right of the holder to convert to common stock B. Preference as to dividends C. Preference as to voting D. Preference as to assets on liquidation of the corporation 6) Par value A. may exist for common stock but not for preferred stock. B. is an arbitrary amount that establishes the legal capital for each share. C. represents the original selling price for a share of stock. D. is established for a share of stock after it is issued. E. represents what a share of stock is worth. 7) The paid-in capital portion of stockholders' equity does not include A. Paid-in Capital in Excess of Par Value. B. Common Stock. C. Retained Earnings. D. Preferred Stock. E. both c and d. 8) Which of the following classifications represents the most shares of common stock? A. Issued shares B. Outstanding shares C. Treasury shares D. Unissued shares E. Authorized shares 9) When treasury stock is sold for less than its cost, the entry should include a debit to A. Gain on Sale of Treasury Stock. B. Loss on Sale of Treasury Stock. C. Retained Earnings. D. Paid-in Capital in Excess of Par. 10) Which of the following is not true about a 10% stock dividend? A. Retained Earnings decreases. B. The market value of the stock is needed to record the stock dividend. C. Total stockholders' equity remains the same. D. Par value decreases. E. Paid-in Capital increases. 11) Paying off bonds payable is reported on the statement of cash flows under A. investing activities. B. noncash investing and financing activities. C. financing activities. D. operating activities. 12) The sale of inventory for cash is reported on the statement of cash flows under A. operating activities. B. noncash investing and financing activities. C. financing activities. D. investing activities. 13) On an indirect method statement of cash flows, an increase in a prepaid insurance would be A. added to increases in current assets. B. added to net income. C. deducted from net income. D. included in paym ...
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Chapter 11
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Chapter 11 Partnerships:
Distributions, Transfer of Interests, and Terminations
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