The Taurin Partnership (a calendar-year-end entity) has the following assets as of December 31 of the current year: Tax Basis $ 49,800 16,600 FMV Cash Accounts receivable Inventory $ 49,800 33,200 128,400 87,000 Totals $ 153,400 $ 211,400 On December 31, Taurin distributes $16,600 of cash, $11,067 (FMV) of accounts receivable, and $42,800 (FMV) of inventory to Emma (a one-third partner) in termination immediately prior to the distribution is $43,533. her partnership interest. Emma's basis in her partnership interest What is Emma's basis in the distributed assets? (Round your intermediate and final answers to the nearest whole dollar amount.) Basis Cash Accounts receivable Inventory

The Taurin Partnership (a calendar-year-end entity) has the following assets as of December 31 of the current year: Tax Basis $ 49,800 16,600 FMV Cash Accounts receivable Inventory $ 49,800 33,200 128,400 87,000 Totals $ 153,400 $ 211,400 On December 31, Taurin distributes $16,600 of cash, $11,067 (FMV) of accounts receivable, and $42,800 (FMV) of inventory to Emma (a one-third partner) in termination immediately prior to the distribution is $43,533. her partnership interest. Emma's basis in her partnership interest What is Emma's basis in the distributed assets? (Round your intermediate and final answers to the nearest whole dollar amount.) Basis Cash Accounts receivable Inventory

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Required Information [The following information applies to the questions displayed below.] The Taurin Partnership (a calendar-year-end entity) has the following assets as of December 31 of the current year: Tax Basis $ 45,000 15,000 FMV $ 45,008 30,e00 Cash Accounts receivable Inventory 81,800 120,000 $ 195,e00 Totals $ 141,800 On December 31, Taurin distributes $15,000 of cash, $10,000 (FMV) of accounts recelvable, and $40,000 (FMV) of Inventory to Emma (a one-third partner) In termination of her partnership Interest. Emma's basis in her partnership Interest Immediately prior to the distribution is $40,000. c1. If Emma's basis before the distribution was $55,000 rather than $40,000, what Is Emma's recognized galn or loss? c2 What is her basis in the distributed assets? Complete this question by entering your answers in the tabs below. Req C1 Req C2 What is her basis in the distributed assets? (Do not round intermediate calculations. Round your final answers to the nearest whole dollar…
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The Taurin Partnership (a calendar-year-end entity) has the following assets as of December 31 of the current year: Таx Basis FMV $ 49,800 16,600 $ 49,800 33,200 128,400 $ 211,400 Cash Accounts receivable Inventory 87,000 Totals $ 153,400 On December 31, Taurin distributes $16,600 of cash, $11,067 (FMV) of accounts receivable, and $42,800 (FMV) of inventory to Emma (a one-third partner) in termination of her partnership interest. Emma's basis in her partnership interest immediately prior to the distribution is $43,533. c1. If Emma's basis before the distribution was $60,033 rather than $43,533, what is Emma's recognized gain or loss? c2. What is her basis in the distributed assets? Complete this question by entering your answers in the tabs below. Req C1 Req C2 What is her basis in the distributed assets? (Do not round intermediate calculations. Round your final answers to the nearest whole dollar amount.) Basis Cash Accounts receivable Inventory
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The Taurin Partnership (a calendar-year-end entity) has the following assets as of December 31 of the current year: Tax Basis FMV Cash $ 48,360 $ 48,360 Accounts receivable 16,120 32,240 Inventory 85,200 125,880 Totals $ 149,680 $ 206,480 On December 31, Taurin distributes $16,120 of cash, $10,747 (FMV) of accounts receivable, and $41,960 (FMV) of inventory to Emma (a one-third partner) in termination of her partnership interest. Emma's basis in her partnership interest immediately prior to the distribution is $42,473. c1. If Emma's basis before the distribution was $58,523 rather than $42,473, what is Emma's recognized gain or loss? c2. What is her basis in the distributed assets?
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