14.1: Partner X in the XYZ partnership (an equal partnership between X, Y, and Z) sells some land to the partnership. X’s basis in the land is $200,000, and the FMV and sales price is $150,000. Is the loss deductible to X? What would your answer be if Y is X’s father? What would your answer be if Y is X’s cousin? Suppose that Y is X’s father, X sells the land to the partnership for $150,000, and the partnership later sells the land for $180,000. What is the partnership’s gain or loss on the sale? What is your answer if the partnership sells the land for $230,000?
14.2: A partner contributes property to a partnership, and is later distributed cash or other property. How much time must there be between these two events in order for there to be a presumption that this is not a disguised sale? How much time must separate the events for there to be a presumption that it is a disguised sale?
14.3: In 2010, Adriana contributes land (FMV = $100,000, basis = $60,000) to the Apex Partnership, of which she is a 20% partner. Twenty-two months later, the partnership, which held the land for investment, distributes the land to Beatrice, a 40% partner in Apex, who is a land developer and will hold it for development. Which Code Section applies here, 704, 707, or 737? Would your answer to the previous question be any different if the time between contribution and distribution had been six years instead of 22 months? Assuming the time between contribution and distribution is six years, what is the tax effect if the FMV of the land at distribution is $150,000 and its basis is still $60,000? What if the FMV at distribution was only $70,000? What if the FMV at distribution is only $40,000?
14.5: A client of yours is a partner in a partnership and wants to contribute appreciated property to the partnership, but feels that it is likely that she will be distributed other property within seven years, triggering gain under Code Sec. 737. What can she do to avoid Code Sec. 737 treatment?
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