Order ID 53563633773 Type Essay Writer Level Masters Style APA Sources/References 4 Perfect Number of Pages to Order 5-10 Pages Description/Paper Instructions
5 PAGE ESSAY ACCOUNTING AND TAX
Goldfish partnership has 3 partners, Susan, Tina, and Vivian. Each partner has a basis in her partnership interest of $200,000. In the current year, Susan receives a liquidating distribution including $60,000 in cash and $120,000 in unrealized receivables. Susan takes a zero basis in the unrealized receivables. Will Susan recognize a capital loss on this liquidation and if so, what is the amount? Explain the tax treatment in language a non-accountant business person would understand.
No hard coding of solutions.
Submission RequirementsBe sure to discuss and reference concepts taken from the assigned textbook reading and relevant research.
Support your paper with at least 4-6 tax, scholarly, legislative, or court references (of which the textbook may be one). Your paper should be 5 pages in length and conform to Strict APA format.
Include at least four scholarly references in addition to the course textbook.
Chapters 21 & 22 in South-Western Federal Taxation 2019
Recognition and Character of Gain or Loss on Sale or Exchange, 26 U.S. Code § 741
Unrealized Receivables and Inventory Items, 26 U.S. Code § 751
Tax Imposed on Certain Built-in Gains, 26 U.S. Code § 1374
Lenok, D. (2017). How cold assets can help keep others hot. Wealth Management.
Luscombe, M. A. (2018). Tax trends: Passthrough entities and tax reform. Taxes, 96(2), 3-4
Certain stock purchases treated as asset acquisitions, 26 U.S. Code § 338 (n.d.). Retrieved from Thomson Reuters Checkpoint database.
Deduction and recapture of certain mining explorations expenditures, 26 U.S. Code § 617 (n.d.). Retrieved from Thomson Reuters Checkpoint database.
Definitions and special Rules, 26 U.S. Code § 1283 (n.d.). Retrieved from Thomson Reuters Checkpoint database.
Disposition gain representing accrued market discount treated as ordinary income, 26 U.S. Code § 1276 (n.d.). Retrieved from Thomson Reuters Checkpoint database.
Effect of election on corporation, 26 U.S. Code § 1363 (n.d.). Retrieved from Thomson Reuters Checkpoint database.
Election; revocation; termination, 26 U.S. Code § 1362 (n.d.). Retrieved from Thomson Reuters Checkpoint database.
Elections and contests, 26 CFR § 1.1362-6 (n.d.). Retrieved from Thomson Reuters Checkpoint database.
Extent of recognition of gain or loss on distribution, 26 U.S. Code § 731 (n.d.). Retrieved from Thomson Reuters Checkpoint database.
Gain from certain sales or exchanges of stock in certain foreign corporations, 26 U.S. Code § 1248 (n.d.). Retrieved from Thomson Reuters Checkpoint database.
Gain from dispositions of certain depreciable property, 26 U.S. Code § 1245 (n.d.). Retrieved from Thomson Reuters Checkpoint database.
Gain from dispositions of certain depreciable realty, 26 U.S. Code § 1250 (n.d.). Retrieved from Thomson Reuters Checkpoint database.
Gain from disposition of farm land, 26 U.S. Code § 1252 (n.d.). Retrieved from Thomson Reuters Checkpoint database.
Gain from disposition of interest in oil, gas, geothermal, or other mineral properties, 26 U.S. Code § 1254 (n.d.). Retrieved from Thomson Reuters Checkpoint database.
Partner’s distributive share, 26 U.S. Code § 704 (n.d.). Retrieved from Thomson Reuters Checkpoint database.
Partner’s share of nonrecourse liabilities, 26 CFR § 1.752-3 (n.d.). Retrieved from Thomson Reuters Checkpoint database.
Recognition of precontribution gain in case of certain distributions to contributing partner, 26 U.S. Code § 737 (n.d.). Retrieved from Thomson Reuters Checkpoint database.
S corporation defined, 26 U.S. Code § 1361 (n.d.). Retrieved from Thomson Reuters Checkpoint database.
Special rule, 26 CFR § 1.752-4 (n.d.). Retrieved from Thomson Reuters Checkpoint database.
Taxation of DISC income to shareholders, 26 U.S. Code § 995 (n.d.). Retrieved from Thomson Reuters Checkpoint database.
Tax imposed on certain built-in gains, 26 U.S. Code § 1374 (n.d.). Retrieved from Thomson Reuters Checkpoint database.
Transfers of franchises, trademarks, and trade names, 26 U.S. Code § 1253 (n.d.). Retrieved from Thomson Reuters Checkpoint database.
Treatment of partnership liabilities, 26 CFR §1.752-1 (n.d.). Retrieved from Thomson Reuters Checkpoint database.
Unrealized receivables and inventory items, 26 U.S. Code § 751 (n.d.). Retrieved from Thomson Reuters Checkpoint database.
RUBRIC
QUALITY OF RESPONSE NO RESPONSE POOR / UNSATISFACTORY SATISFACTORY GOOD EXCELLENT Content (worth a maximum of 50% of the total points) Zero points: Student failed to submit the final paper. 20 points out of 50: The essay illustrates poor understanding of the relevant material by failing to address or incorrectly addressing the relevant content; failing to identify or inaccurately explaining/defining key concepts/ideas; ignoring or incorrectly explaining key points/claims and the reasoning behind them; and/or incorrectly or inappropriately using terminology; and elements of the response are lacking. 30 points out of 50: The essay illustrates a rudimentary understanding of the relevant material by mentioning but not full explaining the relevant content; identifying some of the key concepts/ideas though failing to fully or accurately explain many of them; using terminology, though sometimes inaccurately or inappropriately; and/or incorporating some key claims/points but failing to explain the reasoning behind them or doing so inaccurately. Elements of the required response may also be lacking. 40 points out of 50: The essay illustrates solid understanding of the relevant material by correctly addressing most of the relevant content; identifying and explaining most of the key concepts/ideas; using correct terminology; explaining the reasoning behind most of the key points/claims; and/or where necessary or useful, substantiating some points with accurate examples. The answer is complete. 50 points: The essay illustrates exemplary understanding of the relevant material by thoroughly and correctly addressing the relevant content; identifying and explaining all of the key concepts/ideas; using correct terminology explaining the reasoning behind key points/claims and substantiating, as necessary/useful, points with several accurate and illuminating examples. No aspects of the required answer are missing. Use of Sources (worth a maximum of 20% of the total points). Zero points: Student failed to include citations and/or references. Or the student failed to submit a final paper. 5 out 20 points: Sources are seldom cited to support statements and/or format of citations are not recognizable as APA 6th Edition format. There are major errors in the formation of the references and citations. And/or there is a major reliance on highly questionable. The Student fails to provide an adequate synthesis of research collected for the paper. 10 out 20 points: References to scholarly sources are occasionally given; many statements seem unsubstantiated. Frequent errors in APA 6th Edition format, leaving the reader confused about the source of the information. There are significant errors of the formation in the references and citations. And/or there is a significant use of highly questionable sources. 15 out 20 points: Credible Scholarly sources are used effectively support claims and are, for the most part, clear and fairly represented. APA 6th Edition is used with only a few minor errors. There are minor errors in reference and/or citations. And/or there is some use of questionable sources. 20 points: Credible scholarly sources are used to give compelling evidence to support claims and are clearly and fairly represented. APA 6th Edition format is used accurately and consistently. The student uses above the maximum required references in the development of the assignment. Grammar (worth maximum of 20% of total points) Zero points: Student failed to submit the final paper. 5 points out of 20: The paper does not communicate ideas/points clearly due to inappropriate use of terminology and vague language; thoughts and sentences are disjointed or incomprehensible; organization lacking; and/or numerous grammatical, spelling/punctuation errors 10 points out 20: The paper is often unclear and difficult to follow due to some inappropriate terminology and/or vague language; ideas may be fragmented, wandering and/or repetitive; poor organization; and/or some grammatical, spelling, punctuation errors 15 points out of 20: The paper is mostly clear as a result of appropriate use of terminology and minimal vagueness; no tangents and no repetition; fairly good organization; almost perfect grammar, spelling, punctuation, and word usage. 20 points: The paper is clear, concise, and a pleasure to read as a result of appropriate and precise use of terminology; total coherence of thoughts and presentation and logical organization; and the essay is error free. Structure of the Paper (worth 10% of total points) Zero points: Student failed to submit the final paper. 3 points out of 10: Student needs to develop better formatting skills. The paper omits significant structural elements required for and APA 6th edition paper. Formatting of the paper has major flaws. The paper does not conform to APA 6th edition requirements whatsoever. 5 points out of 10: Appearance of final paper demonstrates the student’s limited ability to format the paper. There are significant errors in formatting and/or the total omission of major components of an APA 6th edition paper. They can include the omission of the cover page, abstract, and page numbers. Additionally the page has major formatting issues with spacing or paragraph formation. Font size might not conform to size requirements. The student also significantly writes too large or too short of and paper 7 points out of 10: Research paper presents an above-average use of formatting skills. The paper has slight errors within the paper. This can include small errors or omissions with the cover page, abstract, page number, and headers. There could be also slight formatting issues with the document spacing or the font Additionally the paper might slightly exceed or undershoot the specific number of required written pages for the assignment. 10 points: Student provides a high-caliber, formatted paper. This includes an APA 6th edition cover page, abstract, page number, headers and is double spaced in 12’ Times Roman Font. Additionally, the paper conforms to the specific number of required written pages and neither goes over or under the specified length of the paper. GET THIS PROJECT NOW BY CLICKING ON THIS LINK TO PLACE THE ORDER
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