The Taurin Partnership (a calendar-year-end entity) has the following assets as of December 31 of the current year: Tax Basis FMV Cash Accounts receivable Inventory Totals $ 46,920 15,640 83,400 $ 46,920 31,280 123,360 $ 145,960 $ 201,560 On December 31, Taurin distributes $15,640 of cash, $10,427 (FMV) of accounts receivable, and $41,120 (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 $41,413. Problem 21-46 Part b (Algo) b. What is Emma's basis in the distributed assets? Note: Round your intermediate and final answers to the nearest whole dollar amount. Cash Accounts receivable Inventory Basis $ 15,640
The Taurin Partnership (a calendar-year-end entity) has the following assets as of December 31 of the current year: Tax Basis FMV Cash Accounts receivable Inventory Totals $ 46,920 15,640 83,400 $ 46,920 31,280 123,360 $ 145,960 $ 201,560 On December 31, Taurin distributes $15,640 of cash, $10,427 (FMV) of accounts receivable, and $41,120 (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 $41,413. Problem 21-46 Part b (Algo) b. What is Emma's basis in the distributed assets? Note: Round your intermediate and final answers to the nearest whole dollar amount. Cash Accounts receivable Inventory Basis $ 15,640
Chapter11: Partnerships: Distributions, Transfer Of Interests, And Terminations
Section: Chapter Questions
Problem 18CE
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Vikarmbhai
Transcribed Image Text:The Taurin Partnership (a calendar-year-end entity) has the following assets as of December 31 of the current year:
Tax Basis
FMV
Cash
Accounts receivable
Inventory
Totals
$ 46,920
15,640
83,400
$ 46,920
31,280
123,360
$ 145,960
$ 201,560
On December 31, Taurin distributes $15,640 of cash, $10,427 (FMV) of accounts receivable, and $41,120 (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 $41,413.
Problem 21-46 Part b (Algo)
b. What is Emma's basis in the distributed assets?
Note: Round your intermediate and final answers to the nearest whole dollar amount.
Cash
Accounts receivable
Inventory
Basis
$
15,640
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