________________ refers to a professional’s ability to under…

________________ refers to a professional’s ability to understand, communicate with, and effectively interact with people across human dimensions.  It also encompasses being aware of one’s own worldview, and developing positive attitudes towards varying differences between people.

Longhorn Company reports current E&P of $100,000 in 20X3 and…

Longhorn Company reports current E&P of $100,000 in 20X3 and a deficit of ($200,000) in accumulated E&P at the beginning of the year. Longhorn distributed $300,000 to its sole shareholder on January 1, 20X3. The shareholder’s tax basis in his stock in Longhorn is $100,000. How is the distribution treated by the shareholder in 20X3? 

Sarah is a 50percent partner in the SF Partnership and has a…

Sarah is a 50percent partner in the SF Partnership and has an outside basis of $56,000 at the end of the year prior to any distributions. On December 31, Sarah receives a proportionate operating distribution of $20,000 cash. What is the amount and character of Sarah’s recognized gain or loss and what is her basis in her partnership interest?