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Questions

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Cоmputаtiоnаl — Fоrmаtion & Basis (NUMERIC only) Facts: Bar T LLC admits three equal members (Susan, LeBron, Dennis). Susan contributes land (AB $50,000; FMV $300,000) subject to a $100,000 nonrecourse mortgage. LeBron and Dennis each contribute $200,000 cash. Profits and losses shared equally.(a) Susan’s deemed cash distribution under §752 (b) Debt reallocated to Susan under §752 (c) Susan’s net debt relief (in positive number) (d) Susan’s final outside basis in Bar T LLC

Cоmputаtiоnаl — ASC 740 (NUMERIC оnly) Fаcts: (1) Tax depreciation > book by 600 (reverses 200/200/200). (2) Environmental reserve accrued 240, deductible when paid in year 2. (3) Current-year NOL 260 (indefinite; 80% limit). Current rate 21%; enacted 25% starting next year. (a1) DTL on (1) at enacted reversal rates: (a2) DTA on (2) at enacted reversal rates: (a3) DTA on (3) at enacted rates: (a4) Net deferred tax position at year-end (use positive number for = DTL): (c) Remeasurement effect (expense as positive number):