Problem 14-58 (LO 14-5) Roberto has a basis of $6,000 in a partnership at the beginning of the year. He receives $7,000 in cash distributions, his distributive share of income is $3,500, and he receives a land distribution with a basis of $6,000 (FMV $12,000). Required: a. Is Roberto required to recognize any gain? If so, how much is the gain? b. What is Roberto's basis in the land? c. What is Roberto's ending basis in his partnership interest? Note: Leave no cells blank. Enter "0" wherever required. a. b. C. Answer is complete but not entirely correct. Amount $6,000 X 6,000 X 8,500 Yes Basis in land Ending basis in partnership 69 69 $ $

Problem 14-58 (LO 14-5) Roberto has a basis of $6,000 in a partnership at the beginning of the year. He receives $7,000 in cash distributions, his distributive share of income is $3,500, and he receives a land distribution with a basis of $6,000 (FMV $12,000). Required: a. Is Roberto required to recognize any gain? If so, how much is the gain? b. What is Roberto's basis in the land? c. What is Roberto's ending basis in his partnership interest? Note: Leave no cells blank. Enter "0" wherever required. a. b. C. Answer is complete but not entirely correct. Amount $6,000 X 6,000 X 8,500 Yes Basis in land Ending basis in partnership 69 69 $ $

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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