At the beginning of the year, Elsie’s basis in her partnership interest is $90,000. She receives a current distribution from the partnership consisting of $10,000 of cash, accounts receivables (basis of $0, fair market value $40,000), and land (basis of $30,000, fair market value of $50,000). After the distribution, Elsie’s bases in the accounts receivable, land, and partnership interest are:
At the beginning of the year, Elsie’s basis in her partnership interest is $90,000. She receives a current distribution from the partnership consisting of $10,000 of cash, accounts receivables (basis of $0, fair market value $40,000), and land (basis of $30,000, fair market value of $50,000). After the distribution, Elsie’s bases in the accounts receivable, land, and partnership interest are:
Chapter21: Partnerships
Section: Chapter Questions
Problem 25CE
Question
At the beginning of the year, Elsie’s basis in her partnership interest is $90,000. She receives a current distribution from the partnership consisting of $10,000 of cash, accounts receivables (basis of $0, fair market value $40,000), and land (basis of $30,000, fair market value of $50,000). After the distribution, Elsie’s bases in the accounts receivable, land, and partnership interest are:
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ISBN:
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Author:
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Publisher:
CENGAGE LEARNING - CONSIGNMENT