Melissa, Nicole, and Miguel are equal partners in the Opto Partnership (a calendar-year-end entity). Melissa decides she wants to exit the partnership and receives a proportionate distribution to liquidate her partnership interest on January 1. The partnership has no liabilities and holds the following assets as of January 1:
Melissa, Nicole, and Miguel are equal partners in the Opto Partnership (a calendar-year-end entity). Melissa decides she wants to exit the partnership and receives a proportionate distribution to liquidate her partnership interest on January 1. The partnership has no liabilities and holds the following assets as of January 1:
Chapter21: Partnerships
Section: Chapter Questions
Problem 65P
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![Problem 21-47 (LO 21-4) (Static)
[The following information applies to the questions displayed below.]
Melissa, Nicole, and Miguel are equal partners in the Opto Partnership (a calendar-year-end entity). Melissa decides she
wants to exit the partnership and receives a proportionate distribution to liquidate her partnership interest on January 1.
The partnership has no liabilities and holds the following assets as of January 1:
Cash
Accounts receivable
Stock investment
Land
Totals
Tax Basis
FMV
$ 18,000
$ 18,000
Ө
7,500
30,000
24,000
12,000
36,000
$ 55,500
$ 90,000
Melissa receives one-third of each of the partnership assets. She has a basis in her partnership interest of $25,000.
Note: Leave no answer blank. Enter zero if applicable.
Problem 21-47 Part b (Static)
b. What is Melissa's basis in the distributed assets?
Basis
Cash
$
6,000
Accounts receivable
$
0
Stock investment
$
4,000
Land
$
12,000](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fd91b8922-8300-4422-9006-fe2f041b4303%2F30d54df2-c6e9-44ac-913a-ff782c852cc5%2Fsh99v2e_processed.png&w=3840&q=75)
Transcribed Image Text:Problem 21-47 (LO 21-4) (Static)
[The following information applies to the questions displayed below.]
Melissa, Nicole, and Miguel are equal partners in the Opto Partnership (a calendar-year-end entity). Melissa decides she
wants to exit the partnership and receives a proportionate distribution to liquidate her partnership interest on January 1.
The partnership has no liabilities and holds the following assets as of January 1:
Cash
Accounts receivable
Stock investment
Land
Totals
Tax Basis
FMV
$ 18,000
$ 18,000
Ө
7,500
30,000
24,000
12,000
36,000
$ 55,500
$ 90,000
Melissa receives one-third of each of the partnership assets. She has a basis in her partnership interest of $25,000.
Note: Leave no answer blank. Enter zero if applicable.
Problem 21-47 Part b (Static)
b. What is Melissa's basis in the distributed assets?
Basis
Cash
$
6,000
Accounts receivable
$
0
Stock investment
$
4,000
Land
$
12,000
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