What valuation should be recorded for noncash assets transferred to a partnership by one of the partners?

Describe the tax treatment of partnership distributions.

In a partnership liquidation, the final cash payment to the partners should be made in accordance with the*a. balance of partners' capital accounts.b. partner's profit and loss sharing ratio.c. ratio of the capital contributions by partners.d. safe payment computations.

Problem 15-1 (Algo) Integrating problem; bonds; note; lease [LO15-2] You are the new controller for Moonlight Bay Resorts. The company CFO has asked you to determine the company's interest expense for the year ended December 31, 2021. Your accounting group provided you the following information on the company's debt: (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.) 1. On July 1, 2021, Moonlight Bay issued bonds with a face amount of $3,000,000. The bonds mature in 20 years and interest of 7% is payable semiannually on June 30 and December 31. The bonds were issued at a price to yield investors 8%. Moonlight Bay records interest at the effective rate. 2. At December 31, 2020, Moonlight Bay had a 10% installment note payable to Third Mercantile Bank with a balance of $600,000. The annual payment is $110,000, payable each June 30. 3. On January 1, 2021, Moonlight Bay leased a building under a finance lease calling…