Partner Q of the QBT Partnership died during the year and Q's interest was inherited by her spouse, Ted. QBT was a service partnership. The fair market value of Q's interest at death was $100,000 but that included Q's share of 30,000 of unrealized accounts receivable and a $50,000 payment for Q's share of goodwill specifically provided by the partnership agreement. What is Ted's basis in the inherited partnership interest?

Partner Q of the QBT Partnership died during the year and Q's interest was inherited by her spouse, Ted. QBT was a service partnership. The fair market value of Q's interest at death was $100,000 but that included Q's share of 30,000 of unrealized accounts receivable and a $50,000 payment for Q's share of goodwill specifically provided by the partnership agreement. What is Ted's basis in the inherited partnership interest?

SWFT Essntl Tax Individ/Bus Entities 2020

23rd Edition

ISBN:9780357391266

Author:Nellen

Publisher:Nellen

Chapter6: Losses And Loss Limitations

Section: Chapter Questions

Problem 21P

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