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

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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