At the beginning of the tax year, Melody’s basis in the MIP LLC was $60,000, accounting homework help
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At the beginning of the tax year, Melody’s basis in the MIP
LLC was $60,000, including her $40,000 share of the LLC’s liabilities. At the
end of the year, MIP distributed to Melody a cash amount of $10,000 and
inventory (basis of $6,000, fair market value of $10,000). In addition, MIP
repaid all of its liabilities by the end of the year.
a.If this is a proportionate non-liquidating distribution,
what is the tax effect of the distribution to Melody and MIP? Respond to at
least two of your classmates’ posts.
b.After the distribution, what is Melody’s basis in the
inventory and in her MIP interest?
c.Would your answers to (a) change if this had been a
proportionate liquidating distribution? Explain.
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