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c. What is the partnership's basis in the contributed equipment? 292,800 X

c. What is the partnership's basis in the contributed equipment? 292,800 X

FINANCIAL ACCOUNTING
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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Exercise 10-16 (Algorithmic) (LO. 3) Henrietta transfers cash of $292,800 and equipment with a fair market value of $87,840 (basis to her as a sole proprietor, $35,136) in exchange for a 40% profit and loss interest worth $380,640. If an amount is zero, enter "0". a. How much are Henrietta's realized and recognized gains? Realized gain: $ 52,704 Recognized gain: 0 b. What is the amount of Henrietta's basis in her partnership interest? 327,936 ✔ c. What is the partnership's basis in the contributed equipment? 292,800 X
Transcribed Image Text:Exercise 10-16 (Algorithmic) (LO. 3) Henrietta transfers cash of $292,800 and equipment with a fair market value of $87,840 (basis to her as a sole proprietor, $35,136) in exchange for a 40% profit and loss interest worth $380,640. If an amount is zero, enter "0". a. How much are Henrietta's realized and recognized gains? Realized gain: $ 52,704 Recognized gain: 0 b. What is the amount of Henrietta's basis in her partnership interest? 327,936 ✔ c. What is the partnership's basis in the contributed equipment? 292,800 X
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