Submission Requirements
Project description:
Partnership Taxation
This project covers general partnership basis issues including computation of partners’ adjusted basis, determination of current-year tax position, preparation of tax forms, and creation of a memo to the partners with an analysis of their current-year tax issues and changes to basis.
In the current year, Mary, Andrew, and Paul formed Venezia General Partnership. Mary contributed $55,000 cash, Andrew contributed $55,000, and Paul contributed land with a cash basis of $70,000 and a fair market value of $180,000. The partnership assumed a $70,000 mortgage on the land; no partner is personally liable for the mortgage. At the end of the current year, Venezia made a $7,000 payment on the mortgage. Mary, Andrew, and Paul will split all profits and losses equally.
Current-year operations had the following results:
Part A: Determine Basis
Part A Submission Requirements:
Part B: Tax Form Preparation
Part B Submission Requirements:
Part C: Client Letter
Prepare a letter to Andrew summarizing her current year tax issues.
Part C Submission Requirements:
Chapters 27 & 28 in South-Western Federal Taxation 2019
Imposition of Tax, 26 U.S. Code § 641
Imposition of Tax, 26 U.S. Code § 2501
McCormick, P. (2017). Key estate planning concepts for international clients. Estate Planning, 44(6), 18-21.
Saylor, T. (2017, April). How to avoid inheritance mistakes. Journal of Accountancy. Retrieved from https://www.journalofaccountancy.com/newsletters/2017/apr/avoid-inheritance-mistakes.html
IRS.gov. (2018a). Definition of a trust. Internal Revenue Service. Retrieved from https://www.irs.gov/charities-non-profits/definition-of-a-trust
IRS.gov. (2018b). Estate tax. Internal Revenue Service. Retrieved from https://www.irs.gov/businesses/small-businesses-self-employed/estate-tax
Tax Cuts and Jobs Act of 2017, Pub. L. 115-97. (2017). Retrieved from https://www.congress.gov/115/bills/hr1/BILLS-115hr1enr.pdf
Vanguard. (2018, February 26). Tax and estate planning in a changing environment: The new rules’ effect on estate and gift taxes. [Video file]. Retrieved from: https://youtu.be/3gL1TyD0xJ4
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