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タグ:Partnership ( 5 ) タグの人気記事

General PS vs. Limited PS / CPA受験者 vs. CPA試験


【6:00】

早上好。(Good Morning)

我身体有点儿不舒服。。。(I'm still under the weather somehow...)

可是,比昨天舒服!
(but, I feel better than yesterday.)

我今天早上睡懒觉了!
(I overslept again this morning!)

寝ぼけまなこでの中国語練習は、ここまでが限界!

今日は、mioママさんからご質問を頂戴いたしました。
mioママさん、ありがとうございます m(_ _)m

*************************************
さて、具合の悪い時に大変恐縮ですが、渡米間近にて厚かましくも教えて頂きたい問題があります。(メールアドレスわからずコメントに記載させてもらいます。ぺこ。)
ANJOの『CPA3受験対策問題集Ⅲ』 パートナーシップ4-23ページの25番。簡単なのにどうしても納得できず。何かしょうもない考え違いをしているのか・・・。。見落としているのか・・。
「25. Sharuf,Hursch,and Wolff formed a partnership with Sharif and Hirsch as general partners. Wolff was the limited partner. They failed to agree upon a profit-sharing plan but put in capital contributions of $120,000,$140,000,and $150,000,respectively. At the end of the first year how should they divide the profits? 」

回答は「C. The profits are shared in propotion to their capital contribution.」 、解説に「リミテッドバートナーシップの場合~~」とあります。 私の解釈は、本問題文に『HとWの2人がGeneral partners』=『General partnership』 よって、分配方法の合意がないときは、均等割となり、「2. Each of the three partners receives one-third.」なのです。
どこから、このケースが「リミテッドパートナーシップ」と読取れるのかがわかりません。ご教示願います。。。
*************************************
>私の解釈は、本問題文に『HとWの2人がGeneral partners』=『General partnership』
--- 問題はここです!(ちなみに、問題ではSとHがGPだと言っていますね。)
『SとHの2人がGeneral partners』=『General partnership』ではありません。

極めて乱暴かつ簡単に小話を書くと、

General PS
= 複数のGeneral Partner”のみ”で構成されるPS
<イメージ>
昔の親友同志のSとHが一緒に2人でビジネス立ち上げた。「な、お前と俺でこの商売やれば、きっと、大成功するぜ!がんばろうや、世の中に、こうしたサービスを提供して、みんなを幸せにするっていう、あの、昔の夢を実現させようぜ!」
と、こうしてPSとして成立させたけど、儲けも損も半々で分けるし、お互いなんかトラブルあっても逃げないで無限責任で対応していく(=General P.)。 会社組織にくらべると、もっと、個人的な集まり、同好会的な(?)雰囲気。 (←あくまでも試験対策上の”イメージ”ですよ。実際はもっとちゃんとしてます!) SとHのそれぞれが無限責任を負ってビジネスするので、州への届出も不要。

Limited PS
= 1人または複数のGeneral Partner +1人または複数のLimited Partnerで構成されるPS
<イメージ>
上記のつづき。SとHの2人のGPでやってきたけど、いかんせん2人では人手不足、財産不足になってきた。そこにWが現れた。

W 「ここに1万ドルある。これを出資して参加してやるよ。ただ、俺はあんたらの夢なんかどうでもいい。そんなの関係ねえ。だから、Limitedな有限責任しか負えないよ。俺は、出資して、ほんで、一定の儲けが手に入ればでればそれでいいんだ。」

S 「うわー。ドライね、Wさん。ま、いいや、ほんじゃ、Limited Partnerとして参加してね。」

H 「おっと、ほんじゃ、俺らのPS、General PS から Limited PSに変わるから、州に届出しないかんな。」

S 「あ、そうなん?じゃあ、H、そのヘン手続きたのむわな。じゃ、Wさん、君のProfit Sharingは2%でいいね?」

W 「なにゆうてんねん。20%は要求するぞ!」

<すったもんだ>

H 「しゃーないな。話がまとまらんときは、出資割合に応じて P&L sharing の割合を決めるのがLimited PSの決まりやから、そうするしかないやろ。」

S 「え?、Wは出資割合の分P&L sharingっちゅうのはわかるけど、今までGeneral PSの頃は半々にしていた俺とHの分け前も、これからは半々じゃなくて、出資割合によって分けちゃうの?」

H 「そう。それがLimited PSの掟なの。俺とSは引き続き、General Pとして無限責任を負うよ。でも、WをLimited Pとして俺らのPSに迎え入れるなら、俺らのPSは、もうGeneral PSではなくて、Limited PSになってしまうねん。 そうなったら、もう、Limited PSの掟にしたがわないとアカンから、分け前の話で合意に至らんかったら、ドライに出資割合でわけなあかんねん。」


・・・と、こんなかんじかな、と思っています。(今回の説明の為にGeneral PSからLimited PSに移り変わるようなストーリーにしましたが、全てのLimited PSがGeneral PSから生まれるわけではありません。いきなりLimited PSを設立するケースも当然多々あります。)

アングルを変えて申し上げれば、General Pは、General PSにも、Limited PSにも存在するということです。General P”しか”いないのがGeneral PSで、General Pに"加えて"、Limited PもいるのがLimited PSです。

Again,

General PS
= 複数のGeneral Partner”のみ”で構成されるPS

Limited PS
= 1人または複数のGeneral Partner +1人または複数のLimited Partnerで構成されるPS

あと、Limited "Liability" PSというのもあります。

Limited Liability PS
= 複数の"なんちゃって"Limited partnerで構成されるPS (←General Partnerがいない!その分、構成員はみーんな"Limited" Partnerなのに、ある部分においては、構成員がみんな無限責任を負う部分がある。←だから”なんちゃって”Limited Pと書きました;笑)


Mioママさん、参考になりましたでしょうか?こんなおチャラけた説明が好きなので、ご不明な点などあるかもしれません。私も素人というか、受験経験のないビギナーなので、限界もあると思いますが、もし、何かありましたら、またご連絡ください。
(メールは、右のコラムの下のほうの”Email to nn”から送れます:直接メアドをのせると、スパムメールロボットのターゲットにされてしまうので、こうしています。)

>さて、具合の悪い時に大変恐縮ですが、
--- いえいえ。おかげですっかり元気になりました。無い知識を披露するのが好きな未熟者のnnなので、厚顔無恥にこうしたことをするのが好きで、好きなことをするとエネルギーがアップするんでしょうね。

>渡米間近にて
--- 頑張ってくださいね! 日本から応援しています!

日本から出て海外にお住みになりながらUSCPAを目指す人(mioママさん)、海外から日本に来て生活しながらUSCPAを目指す人(weiweiさん)、ずーっと日本(しかも関西ローカル)に土着でありながらUSCPAを目指す人(nn)、いろんな人がいろんなバックグラウンドを持ちながら試験合格をめざし、そんな中で、違うトラックを走っている人たちの人生がUSCPA試験という共通項をもって交差する、うまく言えませんが、それってなんだか素晴らしいなと思います。

みなさん、これからも宜しくお願いします。

きっと、みんなで合格しようではありませんか!!
[PR]
by nn_77 | 2006-07-13 07:15 | >BEC

Fussing over details while ignoring the broader picture

   It is often said that the last thing we should do is fussing over details while ignoring the broader picture, which is more commonly expressed as failing to see the forest for the trees, or ki-wo-mite-mori-wo-mizu, in Japanese.

   Today I really got the image and meaning of FORM 1065 and Schedule K, K-1, which are the forms to be used in filing tax return of a partnership and its partners. I must have gone over this topic again and again so far. However, struggling to understand & memorize the details had long been hindering me from getting the whole picture of the taxation scheme for Partnership until today.

   Now my understanding is quite simple.

   Form 1065 is used to net the income and the deductions in order to “calculate” the Ordinary income (= Sales - CGS -General Expenses, including Guaranteed Payment). For the purpose of calculation, the word, “total” is used in Form 1065 (e.g. “total” income, and “total” deductions) to subtotal the income items and the deducting items.

   Note that the Ordinary income that is calculated here is only a part of the items that are later passed through to partners.
a0050593_211039.jpg

   Schedule-K is then used to “list” up all the items to be passed through to the partners, including the ordinary income computed in Form 1065. Besides the ordinary income, many other items called “special items” are enlisted on Schedule-K, including Capital Gain (Loss), Interest income, Dividends, Guaranteed Payments (← this time as an income element), Sec.1231 gain, and so on. These items (Ordinary Income and Special Items) enlisted on Schedule-K are enlisted just for full listing. They are not here to be further added up or netted with each other. Thus, you cannot find the word “total” on the Schedule-K.
   
   Then, why are they listed up in such a way? It is because each of the items is passed through to Schedule K-1 of each partner according to the partner’s Profit & Loss share.

   Note that Ordinary Income and Special Items are passed through to Schedule K-1 based on the Profit & Loss share (e.g. 60%). And also note that Guaranteed payment is not passed through according to this proportion. In the illustrated example, the Guranteed payment on the Schedule K is $70,000, the total of which is passed through to Schedule K-1. This is because Guaranteed payment is a sort of compensation for the service-providing partners and so the absolute amount is “guaranteed” for the service-providing partners, which won’t vary according to the earnings or the partnership nor the Profit & Loss proportion among partners.
a0050593_2115248.jpg

   This is how the items earned by a partnership get passed through to each partner’s Schedule K-1. Each item on the Schedule K-1 is finally included in the computation in Form 1040 or Schedule A, D, E, etc. of each partner.

   It’s now very clear to me. ( Too late? )
[PR]
by nn_77 | 2006-05-14 21:02 | >REG

Tax Advice

Today I reviewed the tax accounting for Partnership. Accounting for the adjusted basis of property in liquidating & nonliquidating distribution became much easier for me than before. But I noticed that my memory about many other rules about this topical area is fading away…

Among them are the rules governing the holding period of the P/S interest for a partner.
At times, a partner contributes some properties to the P/S in exchange for some percent of P/S interest. For tax accounting reason, we must determine the holding period of those properties and PS interests. Under the IRS code, the holding period of the PS interest for a partner varies according to the nature of the distributed property.

When a partner receives PS interest by contributing Cash or properties other than Capital assets or Sec 1231 Assets, the holding period of the PS interest for the partner starts when the partner received the PS interest.

What’s stated above would sound very natural to you. But it isn’t the case in the following situations.

When a partner receives PS interest by contributing Capital assets or Sec 1231 assets, the holding period of the PS interest for the partner includes the period of time that those contributed properties were held by the partners before contribution.

Besides, the holding period of the contributed property for the Partnership always includes the period of time that the partner held those properties before contribution, regardless of the character of the contributed property.

In order to confirm the above mentioned rules, I referred to The Tax Adviser (http://www.allbusiness.com/periodicals/publication/41487-1-2.html), which provides a lot of information about tax rules and useful advice for taxpayers. The real purpose of learning USCPA matters must be providing those helpful advices to clients or the company I belong to, though I don’t think I can make it that far now.

Anyway, I don’t have any single minute to waste before the exam. Gotta stick to the desk as glue!
[PR]
by nn_77 | 2006-05-13 12:11 | >REG

nn's answer for kyoroich's quiz on FAR & REG

I succumbed to the strong drowsiness last night. After solving only one simple SIM of REG, I went to bed… I’m ashamed…

I woke up at 5:30 a.m., when I found a Track Back notice from Kyoroich-san. It was about his ODAI.

So far on my blog, I often refered to Kyoroich’s ODAI, or CPA quiz, which is provided on his blog.

Thank you, kyoro-san, for your TB regarding your odai yesterday.

According to the TB, the ODAI went as follows:

--(QUOTE: from CPA in brief by kyoroichi:Apr.23, 2006)--------------
Q.(FARE) There are 2 methods about pension plan. As you know, 401k is classified as "defined contribution plan." The other element is ???

Q.(REG) Please give me the 3 examples, which partners have to recognize gain/loss.
----------------------------------------------(UNQUOTE)----


Usually, I put my answers on his blog, but this time my answer is TOO long to be left in the comment box of his blog. So, this time, please let me try it on my blog. (Maybe I should have put them in more concise manner!)


Ans.(FARE)
The other type is called Defined Benefit Pension Plan, which had been a heavy burden for GM, which is now shifting to Defined Contribution Pension Plan.
http://abcnews.go.com/Business/wireStory?id=1696977


Ans.(REG)

1) in formation of PS
PS interest received is Capital Gain for a partner when
  a) it’s in exchange for the service provided by a partner,  

  b) it’s in exchange for a property with PS’s assumption
    of the liability that is larger than the Partner’s AB of the
    property, or 

  c) the PS is an investment company

2) throughout PS activity in every period
   PS’s gain or loss of every period is passed through to
  partners, which is to be reflected on each of their tax
  returns. The amount of loss that can be passed through
  is limited to the partner’s basis of the PS interest.

3) in distribution
   a) in non-liquidating distribution, which is like dividends
      of corporation, partners recognize gain if s/he receives
      cash in excess of the AB of his/her PS interest.

   b) in liquidating distribution, which happens when partners
      liquidate PS and divide the PS’s asset/liability to each partner,
       
       ・partners recognize gain if s/he receives cash in excess of
         the AB of his/her PS interest (the same treatment in non-
        liquidating distribution)
       
       ・partners recognize loss if they receive ONLY cash, AR, and
        inventory whose basis is lesser than the basis of their
        PS interest.

... well, that's it.

Ah, I’ve gotta leave for the office, now! See you.
[PR]
by nn_77 | 2006-04-26 06:40 | >REG

Partnership accounting

【4:00】
It was 4:00 when I awoke today. Since it was almost 1:00am when I went to bed, I’d been afraid I’d fail to wake up early in the morning. But, fortunately, I got up at 4:00 as I planned. Though it took some minutes before I crawled out of the bed, I sat at the desk at 4:30am.
I started from where I ended last night, but again I tripped, this time, over the topic of partnership accounting in FAR subject. I recovered my memory of BONUS METHOD & GOODWILL METHOD in accounting for the participation of a new partner. I was almost forgetting these methods!
Since I had a chance to review partnership issue, I went over the topic of DISTRIBUTION (LIQUIDATION) process of partnership in TAX subject.

In Tax accounting subject, the textbook explains that, in the liquidation of P/S, cash distributed to partners are accounted for as Capital Gain / Loss for each partner, and the remaining adjusted basis of P/S interest should be allocated to the distributed asset.

In FAR, however, the textbook says all the property is sold and then converted into money, with which the liability of the P/S is to be repaid, and if cash remain even after the repayment of the loan, then the remainder of the cash is to be allocated to each partner according to the proportion of the Capital accounts (←not Profit & Loss ratio!)

So there’re two possible stories on this theme: One story is that P/S’s properties are totally sold for the repayment of the loan and the remaining money is allocated to partners? The other story is that the both money and properties are distributed to partners and each partner must consider how to report the gain / loss in his / her tax return.

It’s interesting to note that the assumed situation is different between FAR textbook and TAX textbook.

【24:30】
I had to work overtime today, too. Arrived home late at night.
Can I wake up early in the morning as I've been doing in the last two days? I don' t want to stop here.

Bad habit is easy to acqire, and Good one is hard to attain...(sigh)
[PR]
by nn_77 | 2006-01-31 13:44 | >FARE


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