Required information Problem 16-46 (LO 16-4) (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 16-46 Part b (Algo) On December 31, Taurin distributes $16,920 of cash, $11,280 (FMV) of accounts receivable, and $43,360 (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 $44,240. Cash Accounts b. What is Emma's basis in the distributed assets? (Round your intermediate and final answers to the nearest whole dollar amount.) receivable Inventory $ $ $ Tax Basis $ 50,760 16,920 88, 200 $ 155,880 Basis FMV $ 50,760 33,840 130,080 $ 214,680 16,920 5,640 29,400
Required information Problem 16-46 (LO 16-4) (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 16-46 Part b (Algo) On December 31, Taurin distributes $16,920 of cash, $11,280 (FMV) of accounts receivable, and $43,360 (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 $44,240. Cash Accounts b. What is Emma's basis in the distributed assets? (Round your intermediate and final answers to the nearest whole dollar amount.) receivable Inventory $ $ $ Tax Basis $ 50,760 16,920 88, 200 $ 155,880 Basis FMV $ 50,760 33,840 130,080 $ 214,680 16,920 5,640 29,400
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Required information
Problem 16-46 (LO 16-4) (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 16-46 Part b (Algo)
On December 31, Taurin distributes $16,920 of cash, $11,280 (FMV) of accounts receivable, and $43,360 (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 $44,240.
Cash
Accounts
b. What is Emma's basis in the distributed assets? (Round your intermediate and final answers to the nearest whole dollar amount.)
receivable
Inventory
Basis
Tax Basis
$ 50,760
16,920
88,200
$ 155,880
16,920✔
5,640 X
FMV
$ 50,760
33,840
130,080
$ 214,680
$
$
$ 29,400](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F91a1897c-6376-41f7-9c6e-a56c1adb050a%2F27bd229f-c6b7-4d41-80c4-201644de0aa7%2Fq4t4xb_processed.png&w=3840&q=75)
Transcribed Image Text:ded
Required information
Problem 16-46 (LO 16-4) (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 16-46 Part b (Algo)
On December 31, Taurin distributes $16,920 of cash, $11,280 (FMV) of accounts receivable, and $43,360 (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 $44,240.
Cash
Accounts
b. What is Emma's basis in the distributed assets? (Round your intermediate and final answers to the nearest whole dollar amount.)
receivable
Inventory
Basis
Tax Basis
$ 50,760
16,920
88,200
$ 155,880
16,920✔
5,640 X
FMV
$ 50,760
33,840
130,080
$ 214,680
$
$
$ 29,400
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