Accounting The ABC Partnership is liquidating. A’s beginning basis in her partnership interest is $20,000. B’s beginning basis in her partnership interest is $50,000. C’s beginning basis in her partnership interest is $100,000. The partners are receiving the following: ITEM FMV AB A CASH 25,000 25,000 INVENTORY 50,000 20,000 B CASH 50,000 50,000 C CASH 10,000 10,000 INVENTORY 50,000 35,000 LAN 100,000 10,000 With respect to A: Basis in cash? ______________________ Gain, if any? ______________________ Basis in inventory? ______________________ With respect to B: Basis in cash? ______________________ Gain, if any? ______________________ Remaining basis in partnership interest? ______________________ With respect to C: Basis in inventory? ______________________ Basis in land? ______________________ Remaining basis in partnership interest? _____________________
Accounting The ABC Partnership is liquidating. A’s beginning basis in her partnership interest is $20,000. B’s beginning basis in her partnership interest is $50,000. C’s beginning basis in her partnership interest is $100,000. The partners are receiving the following: ITEM FMV AB A CASH 25,000 25,000 INVENTORY 50,000 20,000 B CASH 50,000 50,000 C CASH 10,000 10,000 INVENTORY 50,000 35,000 LAN 100,000 10,000 With respect to A: Basis in cash? ______________________ Gain, if any? ______________________ Basis in inventory? ______________________ With respect to B: Basis in cash? ______________________ Gain, if any? ______________________ Remaining basis in partnership interest? ______________________ With respect to C: Basis in inventory? ______________________ Basis in land? ______________________ Remaining basis in partnership interest? _____________________
Chapter11: Partnerships: Distributions, Transfer Of Interests, And Terminations
Section: Chapter Questions
Problem 43P
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Accounting
The ABC
| ITEM | FMV | AB | |
| A | CASH | 25,000 | 25,000 |
| INVENTORY | 50,000 | 20,000 | |
| B | CASH | 50,000 | 50,000 |
| C | CASH | 10,000 | 10,000 |
| INVENTORY | 50,000 | 35,000 | |
| LAN | 100,000 | 10,000 |
With respect to A:
Basis in cash? ______________________
Gain, if any? ______________________
Basis in inventory? ______________________
With respect to B:
Basis in cash? ______________________
Gain, if any? ______________________
Remaining basis in partnership interest? ______________________
With respect to C:
Basis in inventory? ______________________
Basis in land? ______________________
Remaining basis in partnership interest? _____________________
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