e. What is Matt's ending basis in his partnership interest? Ending basis

SWFT Comprehensive Volume 2019
42nd Edition
ISBN:9780357233306
Author:Maloney
Publisher:Maloney
Chapter21: Partnerships
Section: Chapter Questions
Problem 28P
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[The following information applies to the questions displayed below.]
Coy and Matt are equal partners in the Matcoy Partnership. Each partner has a basis in his partnership interest of $28,000
at the end of the current year, prior to any distribution. On December 31, each receives an operating distribution. Coy
receives $10,000 cash. Matt receives $3,000 cash and a parcel of land with a $7,000 fair market value and a $4,000 basis
to the partnership. Matcoy has no debt or hot assets.
e. What is Matt's ending basis in his partnership interest?
Ending basis
Transcribed Image Text:Required information [The following information applies to the questions displayed below.] Coy and Matt are equal partners in the Matcoy Partnership. Each partner has a basis in his partnership interest of $28,000 at the end of the current year, prior to any distribution. On December 31, each receives an operating distribution. Coy receives $10,000 cash. Matt receives $3,000 cash and a parcel of land with a $7,000 fair market value and a $4,000 basis to the partnership. Matcoy has no debt or hot assets. e. What is Matt's ending basis in his partnership interest? Ending basis
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