b. What is Melissa's basis in the distributed assets? Basis Cash 8,000 Accounts receivable Stock investment Land %24

SWFT Comprehensive Vol 2020
43rd Edition
ISBN:9780357391723
Author:Maloney
Publisher:Maloney
Chapter21: Partnerships
Section: Chapter Questions
Problem 11BCRQ
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[The following information applies to the questions displayed below.]
Melissa, Nicole, and Ben are equal partners In the Opto Partnership (a calendar-year-end entity). Melissa decides she
wants to exit the partnership and recelves a proportionate distribution to liquidate her partnership Interest on January 1.
The partnership has no liabilities and holds the following assets as of January 1:
Tax Basis
FMV
$ 18,008
24, e00
12,e00
$ 18,800
Cash
Accounts receivable
Stock investment
7,500
30,e00
$ 55, 500
Land
36,e00
$ 90, e00
Totals
Melissa recelves one-third of each of the partnershlp assets. She has a basis In her partnership Interest of $25,000.
(Leave no answer blank. Enter zero if applicable.)
b. What is Melissa's basis In the distributed assets?
Basis
Cash
6,000
Accounts receivable
Stock investment
Land
Transcribed Image Text:Required information [The following information applies to the questions displayed below.] Melissa, Nicole, and Ben are equal partners In the Opto Partnership (a calendar-year-end entity). Melissa decides she wants to exit the partnership and recelves a proportionate distribution to liquidate her partnership Interest on January 1. The partnership has no liabilities and holds the following assets as of January 1: Tax Basis FMV $ 18,008 24, e00 12,e00 $ 18,800 Cash Accounts receivable Stock investment 7,500 30,e00 $ 55, 500 Land 36,e00 $ 90, e00 Totals Melissa recelves one-third of each of the partnershlp assets. She has a basis In her partnership Interest of $25,000. (Leave no answer blank. Enter zero if applicable.) b. What is Melissa's basis In the distributed assets? Basis Cash 6,000 Accounts receivable Stock investment Land
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