09 Apr Complete the case titled “Small Business-Peachtree”
Using current literature, complete the case titled “Small Business-Peachtree” attached above. You will need to down load the case and answer the questions given. Here are some hints that will help you on the case:
I
· Discuss the entity choices available to Peachtree. Include some comments about Form 8832.
II
· What might be the entity’s intent for not making a §754 election? In your discussion, use the terms duplicate loss and substantial built-in loss.
· Consult the “anti-abuse rules” of the regulations to determine which partner(s) can deduct losses from the sale of The Commons.
III
· Trace the basis that Toby should assign to the land and building
Prepare a written case study analysis for the above assigned research case, minimum of 3-4 pages. The case analysis must be fully annotated with citations in proper legal form.
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