25 May Question 1. [LO 1] Joey is a 25% owner of Loopy LLC. He no longer wants to b
Question
1. [LO 1] Joey is a 25% owner of Loopy LLC. He no longer wants to be involved in the business. What options does Joey have to exit the busines?
2. [LO 1] Compare and contrast the aggregate and entity approaches for a sale of a partnership interest.
3. [LO 1] What restrictions might prevent a partner from selling his partnership interest to a third party?
4. [LO 1] Explain how a partner’s debt relief affects his amount realized in a sale of partnership interest.
5. [LO 1] Under what circumstances will the gain or loss on the sale of a partnership interest be characterized as ordinary rather than capital?
6. [LO 1] What are “hot assets” and why are they important in the sale of a partnership interest?
7. [LO 1] For an accrual-method partnership, are accounts receivable considered unrealized receivables? Explain.
8. [LO 1] Can a partnership have unrealized receivables if it has no accounts receivable?
9. [LO 1] How do hot assets affect the character of gain or loss on the sale of a partnership interest?
10. [LO 1] Under what circumstances can a partner recognize both gain and loss on the sale of a partnership interest?
11. [LO 1] Absent any special elections, what effect does a sale of partnership interest have on the partnership?
12. [LO 1] {Research} Generally, a selling partner’s capital account carries over to the purchaser of the partnership interest. Under what circumstances will this not be the case?
13. [LO 2] What distinguishes operating from liquidating distributions?
14. [LO 3] Under what circumstances will a partner recognize a gain from an operating distribution?
15. [LO 3] Under what circumstances will a partner recognize a loss from an operating distribution?
16. [LO 3] In general, what effect does an operating distribution have on the partnership?
17. [LO 3] If a partner’s outside basis is less than the partnership’s inside basis in distributed assets, how does the partner determine his basis of the distributed assets in an operating distribution?
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