Problem 10-46 (LO 10-4) (Algo) [The following information applies to the questions displayed below.] The Taurin Partnership (a calendar-year-end entity) has the following assets as of December 31 of the current year: Cash Accounts receivable Inventory Totals Tax Basis Problem 10-46 Part b (Algo) $ 49,560 16,520 86,700 $ 152,780 FMV $ 49,560 33,040 127,980 $ 210,580 On December 31, Taurin distributes $16,520 of cash, $11,013 (FMV) of accounts receivable, and $42,660 (FMV) of Inventory to Emma (a one-third partner) in termination of her partnership Interest. Emma's basis in her partnership Interest immediately prior to the distribution is $43,357. b. What is Emma's basis in the distributed assets? (Round your intermediate and final answers to the nearest whole dollar amount.)
Problem 10-46 (LO 10-4) (Algo) [The following information applies to the questions displayed below.] The Taurin Partnership (a calendar-year-end entity) has the following assets as of December 31 of the current year: Cash Accounts receivable Inventory Totals Tax Basis Problem 10-46 Part b (Algo) $ 49,560 16,520 86,700 $ 152,780 FMV $ 49,560 33,040 127,980 $ 210,580 On December 31, Taurin distributes $16,520 of cash, $11,013 (FMV) of accounts receivable, and $42,660 (FMV) of Inventory to Emma (a one-third partner) in termination of her partnership Interest. Emma's basis in her partnership Interest immediately prior to the distribution is $43,357. b. What is Emma's basis in the distributed assets? (Round your intermediate and final answers to the nearest whole dollar amount.)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Q21.
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Required Information
Problem 10-46 (LO 10-4) (Algo)
[The following information applies to the questions displayed below.]
The Taurin Partnership (a calendar-year-end entity) has the following assets as of December 31 of the current year:
Cash
Accounts receivable
Inventory
Totals
Problem 10-46 Part b (Algo)
On December 31, Taurin distributes $16,520 of cash, $11,013 (FMV) of accounts receivable, and $42,660 (FMV) of Inventory
to Emma (a one-third partner) in termination of her partnership interest. Emma's basis in her partnership interest
immediately prior to the distribution is $43,357.
Cash
Accounts
Tax Basis
b. What is Emma's basis in the distributed assets? (Round your Intermediate and final answers to the nearest whole dollar amount.)
Answer is complete but not entirely correct.
Basis
receivable
$ 49,560
16,520
86,700
$ 152,780
Inventory
$
16,520
$
11,013
$ 28,900
FMV
$ 49,560
33,040
127,980
$ 210,580](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fe14beb34-1ec9-4f51-b9d3-f13ff55cdae1%2F03265102-5f74-4cc4-afa5-eb81bf7747eb%2Fd0zviag_processed.jpeg&w=3840&q=75)
Transcribed Image Text:LI
Required Information
Problem 10-46 (LO 10-4) (Algo)
[The following information applies to the questions displayed below.]
The Taurin Partnership (a calendar-year-end entity) has the following assets as of December 31 of the current year:
Cash
Accounts receivable
Inventory
Totals
Problem 10-46 Part b (Algo)
On December 31, Taurin distributes $16,520 of cash, $11,013 (FMV) of accounts receivable, and $42,660 (FMV) of Inventory
to Emma (a one-third partner) in termination of her partnership interest. Emma's basis in her partnership interest
immediately prior to the distribution is $43,357.
Cash
Accounts
Tax Basis
b. What is Emma's basis in the distributed assets? (Round your Intermediate and final answers to the nearest whole dollar amount.)
Answer is complete but not entirely correct.
Basis
receivable
$ 49,560
16,520
86,700
$ 152,780
Inventory
$
16,520
$
11,013
$ 28,900
FMV
$ 49,560
33,040
127,980
$ 210,580
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