15 Part 2 of 3 4.16 points Required information Problem 21-46 (LO 21-4) (Algo) [The following information applies to the questions displayed below.] The Taurin Partnership (a calendar-year-end entity) has the following assets as of December 31 of the current year: eBook Print Cash Accounts receivable Inventory Totals Tax Basis $ 45,480 15,160 81,600 $142,240 FMV $ 45,480 30,320 120,840 $ 196,640 On December 31, Taurin distributes $15,160 of cash, $10,107 (FMV) of accounts receivable, and $40,280 (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 $40,353. References 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 Part 2 of 3 4.16 points Required information Problem 21-46 (LO 21-4) (Algo) [The following information applies to the questions displayed below.] The Taurin Partnership (a calendar-year-end entity) has the following assets as of December 31 of the current year: eBook Print Cash Accounts receivable Inventory Totals Tax Basis $ 45,480 15,160 81,600 $142,240 FMV $ 45,480 30,320 120,840 $ 196,640 On December 31, Taurin distributes $15,160 of cash, $10,107 (FMV) of accounts receivable, and $40,280 (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 $40,353. References 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
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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![15
Part 2 of 3
4.16
points
Required information
Problem 21-46 (LO 21-4) (Algo)
[The following information applies to the questions displayed below.]
The Taurin Partnership (a calendar-year-end entity) has the following assets as of December 31 of the current year:
eBook
Print
Cash
Accounts receivable
Inventory
Totals
Tax Basis
$ 45,480
15,160
81,600
$142,240
FMV
$ 45,480
30,320
120,840
$ 196,640
On December 31, Taurin distributes $15,160 of cash, $10,107 (FMV) of accounts receivable, and $40,280 (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 $40,353.
References
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](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F140ba5e7-82ef-4b7e-be23-ae100053ff08%2Ff9e138d1-3811-44bd-b152-dba6248e27ca%2Fcaaebs_processed.jpeg&w=3840&q=75)
Transcribed Image Text:15
Part 2 of 3
4.16
points
Required information
Problem 21-46 (LO 21-4) (Algo)
[The following information applies to the questions displayed below.]
The Taurin Partnership (a calendar-year-end entity) has the following assets as of December 31 of the current year:
eBook
Print
Cash
Accounts receivable
Inventory
Totals
Tax Basis
$ 45,480
15,160
81,600
$142,240
FMV
$ 45,480
30,320
120,840
$ 196,640
On December 31, Taurin distributes $15,160 of cash, $10,107 (FMV) of accounts receivable, and $40,280 (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 $40,353.
References
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
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