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Diamond Co. and Bill are equal partners in the calendar year F & F Partnership. Diamond Co. uses a fiscal year ending June 30, and Bill uses a calendar year. Diamond Co. receives an annual guaranteed payment of $50,000. F & F’s taxable income (after deducting Diamond Co.’s guaranteed payment) is $40,000 for 2009 and $50,000 for 2010. a. What is the amount of income from the partnership that Diamond Co. must report for its tax year ending June 30, 2010? b. What is the amount of income from the partnership that Bill must report for her tax year ending December 31, 2010? c. Assume Diamond Co.’s annual guaranteed payment is increased to $60,000 starting on January 1, 2010, and the partnership’s taxable income for 2009 and 2010 (after deducting Diamond Co.’s guaranteed payment) is the same (Le., $40,000 and $50,000, respectively). What is the amount of income from the partnership that Diamond Co. must report for its tax year ending June 30, 2010? 1. John and Carl love hot dogs and want to start a hot dog manufacturing partnership. They form JC doggy-dogs, a general partnership. The business does quite well and is able to distribute to John 50k cash and property with a FMV of 150k and an adjusted basis to the partnership of 75k. Carl is distributed a piece of property that has a FMV of 200k, adjusted basis to the partnership of 100k, and a mortgage on it of 120k. Both John and Carl have an outside basis in the partnership of 300k. Is there a current taxable gain/loss to any party involved? What are the basis ramifications? 2. Bob is a member of the BP partnership. Bob has a 50k basis in the partnership. Bob receives nonliquidating distributions of 15k cash, accounts receivable FMV of 15k with a basis of 0, Land Parcel #1 with a FMV of 150k and a basis to the partnership of 100k, and Land parcel #2 with a FMV of 60k and a basis of 100k. Is there a current taxable gain/loss to any party involved? What are the basis ramifications? Go ahead and round numbers for ease of calculations.