2.10.1 Sale of a Partnership Interest (1)

Question 問題、
Which of the following statements about the sale or exchange of a partner's interest in a partnership is true?

A. Gain or loss is the difference between the amount realized and the adjusted basis of the partner's interest in the partnership.

B. The amount realized by the selling partner does not include any partnership liabilities of which the selling partner is relieved.

C. Any amount realized due to inventory items held by the partnership results in capital gain or loss.

D. The exchange of a limited partnership interest for a limited interest in another partnership is a nontaxable exchange of like-kind property.

The correct answer is 正解は、[A. Gain or loss is the difference between the amount realized and the adjusted basis of the partner's interest in the partnership.]
選択肢A：売却損益は、実現総額 (amount realized) から持分のbasisとの差額である。 → 正しい。
選択肢B：実現総額 (amount realized) には、売却によって解放された負債の額は含まない。 → 誤り（含む）。
選択肢C：棚卸資産から実現された損益はキャピタル・ゲイン／ロスとして扱う。 → 誤り。ゲインについては例外的に通常所得として扱われる。
選択肢D：パートナーシップ持分の交換は（非課税の）同種資産の交換となる。 → 誤り。

2.09.2 Distribution of Partnership Assets (2)

Question 問題、
At a time when Nedra's basis in her partnership interest was $5,000, she received a current distribution of $6,000 cash and land with an adjusted basis of $2,000 and a fair market value of $3,000. The partnership had no unrealized receivables or substantially appreciated inventory.
What is the result of this distribution to Nedra?

A. $0 gain or loss, $0 basis in land, $(1,000) basis in partnership interest.

B. $3,000 capital gain, $2,000 basis in land, $0 basis in partnership interest.

C. $1,000 ordinary income, $2,000 basis in land, $0 basis in partnership interest.

D. $1,000 capital gain, $0 basis in land, $0 basis in partnership interest.

The correct answer is 正解は、[D. $1,000 capital gain, $0 basis in land, $0 basis in partnership interest.]
現金分配額 $6,000 ＞分配前の持分のBasis $5,000 なので超過分 $1,000 についてキャピタル・ゲインを認識する。
現物資産の受領については原則通り損益を認識しない。

2.09.2 Distribution of Partnership Assets (1)

Question 問題、
The adjusted basis of Stan's partnership interest is $15,000. He receives a distribution of cash of $6,000 and property with an adjusted basis to the partnership of $11,000. (This was not a distribution in liquidation.)
What is the basis of the distributed property in Stan's hands?

A. $9,000

B. $11,000

C. $5,000

D. $17,000

The correct answer is 正解は、[A. $9,000]
パートナーはパートナーシップから分配を受領しても、原則、損益を認識しない。
（例外：現金分配額＞分配前の持分のBasis → 超過部分キャピタル・ゲイン）

2.09.3 Partners Dealing with Their Own Partnership (4)

Question 問題、
Kay Shea owns a 55% interest in the capital and profits of Admor Antiques, a partnership. In the current year, Kay sold an oriental lamp to Admor for $5,000. Kay bought this lamp 16 years ago for her personal use at a cost of $1,000 and used it continuously in her home until she sold it to Admor. Admor purchased the lamp as inventory for sale to customers in the ordinary course of business. What is Kay's reportable gain in the current year on the sale of the lamp to Admor?

A. $4,000 ordinary income.

B. $4,000 long-term capital gain.

C. $2,200 ordinary income.

D. $2,200 long-term capital gain.

The correct answer is 正解は、[A. $4,000 ordinary income.]
パートナーシップとの関係者取引において、譲渡資産が譲受者にとって資本資産ではない場合、譲渡者はそのgainを通常所得として扱わなければならない。

2.09.3 Partners Dealing with Their Own Partnership (3)

Question 問題、
Jasmine, a calendar-year taxpayer, is a partner in Jasmine and Prince Partnership that has a fiscal year ending March 31. Starting April 1, 2018, Jasmine received a fixed monthly guaranteed payment of $1,000 a month without regard to the income of the partnership.
How much of the guaranteed payment will Jasmine report on her 2018 tax return?

A. $0

B. $8,000

C. $9,000

D. $12,000

The correct answer is 正解は、[A. $0]
パートナーはパートナーシップの割り当て額を、当該パートナーシップの課税年度末を含むパートナーの課税年度に申告する。
本問では、2018年4月以降に支払われたguaranteed paymentはパートナーシップの課税年度末2019年3月31日を含むパートナーの課税年度（2019年12月31日）に申告する。

2.09.3 Partners Dealing with Their Own Partnership (2)

Question 問題、
Under the terms of a partnership agreement, William's distributive share of the partnership's income and losses is 20%. Which of the following situations reflects an incorrect method of reporting guaranteed payments?

A. William is entitled to a fixed annual payment of $15,000 without regard to the partnership's income. The partnership has $60,000 of income after deducting the guaranteed payment. Willian must include ordinary income of $27,000.

B. William is entitled to a fixed annual payment of $15,000 without regard to the partnership's income. The partnership has a $20,000 loss after deducting the guaranteed payment. William should include an ordinary loss of $1,000.

C. William is to receive 20% of the partnership income, but not less than $15,000. The partnership has net income of $76,000. William's guaranteed payment is $0.

D. William is to receive 20% of the partnership income, but not less than $15,000. The partnership has net income of $40,000. The partnership is entitled to a deduction or guaranteed payment of $7,000.

The correct answer is 正解は、[B. William is entitled to a fixed annual payment of $15,000 without regard to the partnership's income. The partnership has a $20,000 loss after deducting the guaranteed payment. William should include an ordinary loss of $1,000.]
選択肢(A) guaranteed payment $15,000 + 通常事業所得の割当額 ($60,000 x 20%) = $27,000 → 正しい
選択肢(B) 通常事業損失の割当額 ($20,000 x 20%) = $4,000 → 誤り
選択肢(C) 通常事業所得の割当額 ($76,000 x 20%) = $15,200 ＞ ミニマム・ペイメント $15,000なのでguaranteed paymentとして扱われる部分はない → 正しい
選択肢(D) ミニマム・ペイメント $15,000 - 通常事業所得の割当額 ($40,000 x 20%) = $7,000 がguaranteed paymentとして扱われるためパートナーシップは事業経費として控除可能 → 正しい

2.09.3 Partners Dealing with Their Own Partnership (1)

Question 問題、
Under a partnership agreement, June is to receive 40% of the partnership income but not less than $12,000 a year. The partnership has net income of $20,000. What is the guaranteed payment that the partnership can deduct in figuring its ordinary income on Page 1 of Form 1065?

A. $0

B. $3,200

C. $4,000

D. $8,000

The correct answer is 正解は、[C. $4,000]
ミニマム・ペイメントの取り決め（not less than $12,000）があるので、
Net income $20,000 x 40% = $8,000 → 通常事業所得の割り当て
ミニマム・ペイメント $12,000 - 割り当て分 $8,000 = $4,000 → Guaranteed payment