interest of Her basis in the her partnership 76,000 prior to the distribution what is Katie spaces in the distributed inventory? A. 18000

SWFT Comprehensive Volume 2019
42nd Edition
ISBN:9780357233306
Author:Maloney
Publisher:Maloney
Chapter21: Partnerships
Section: Chapter Questions
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Accounting
Katie receive 42,000 cash in inventory with a
basis and fair market value of 18,000 in
complete liquidation of her partnership interest.
Her basis in the her partnership interest of
76,000 prior to the distribution what is Katie
spaces in the distributed inventory?
A. 18000
B. 34000
C. 0
D. 76000
Transcribed Image Text:Accounting Katie receive 42,000 cash in inventory with a basis and fair market value of 18,000 in complete liquidation of her partnership interest. Her basis in the her partnership interest of 76,000 prior to the distribution what is Katie spaces in the distributed inventory? A. 18000 B. 34000 C. 0 D. 76000
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