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 shewants 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:CashAccounts receivableStock investmentLandTotalsTax BasisFMV$ 18,000$ 18,000Ө7,50030,00024,00012,00036,000$ 55,500$ 90,000Melissa 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?BasisCash$6,000Accounts receivable$0Stock investment$4,000Land$12,000

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:

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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