!Required informationProblem 21-46 (LO 21-4) (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:CashAccounts receivableInventoryTax Basis$ 46,44015,48082,800FMV$ 46,44030,960122,520Totals$ 144,720$ 199,920On December 31, Taurin distributes $15,480 of cash, $10,320 (FMV) of accounts receivable, and $40,840 (FMV) ofinventory to Emma (a one-third partner) in termination of her partnership interest. Emma's basis in her partnership interestimmediately prior to the distribution is $41,060.Problem 21-46 Part b (Algo)b. What is Emma's basis in the distributed assets?Note: Round your intermediate and final answers to the nearest whole dollar amount.> Answer is not complete.CashAccountsreceivableInventoryBasis$15,480

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Answered: ! Required information Problem 21-46…

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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! Required information [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 Cash Accounts receivable Inventory Tax Basis On December 31, Taurin distributes $15,240 of cash, $10,160 (FMV) of accounts receivable, and $40,420 (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 $40,530. $ b. What is Emma's basis in the distributed assets? Note: Round your intermediate and final answers to the nearest whole dollar amount. Basis $ 45,720 15,240 81,900 $ 142,860 FMV $ 45,720 30,480 121,260 $ 197,460 15,240
2022 tax rules
2022 tax rules
Vikarmbhai
Required information Problem 12-3A (Algo) Allocating partnership income LO P2 Skip to question [The following information applies to the questions displayed below.] Ries, Bax, and Thomas invested $58,000, $74,000, and $82,000, respectively, in a partnership. During its first calendar year, the firm earned $361,500. Required: Prepare the entry to close the firm’s Income Summary account as of its December 31 year-end and to allocate the $361,500 net income under each of the following separate assumptions.
The Taurin Partnership (a calendar-year-end entity) has the following assets as of December 31 of the current year: Tax Basis FMV Cash $ 48,360 $ 48,360 Accounts receivable 16,120 32,240 Inventory 85,200 125,880 Totals $ 149,680 $ 206,480 On December 31, Taurin distributes $16,120 of cash, $10,747 (FMV) of accounts receivable, and $41,960 (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 $42,473. c1. If Emma's basis before the distribution was $58,523 rather than $42,473, what is Emma's recognized gain or loss? c2. What is her basis in the distributed assets?
Required information Problem 12-3A (Algo) Allocating partnership income LO P2 [The following information applies to the questions displayed below.] Ries, Bax, and Thomas invested $58,000, $74,000, and $82,000, respectively, in a partnership. During its first calendar year, the firm earned $361,500. Required: Prepare the entry to close the firm's Income Summary account as of its December 31 year-end and to allocate the $361,500 net income under each of the following separate assumptions. Problem 12-3A (Algo) Part 1 1. The partners did not agree on a plan, and therefore share income equally. View transaction list Journal entry worksheet 1 Record the entry to close the income summary account assuming the partners did not agree on a plan, and therefore share income equally. Note: Enter debits before credits. Date December 31 Record entry General Journal Clear entry Debit Credit View general journal
Problem 10-32 (LO 10-1) (Algo) Skip to question [The following information applies to the questions displayed below.] Allison, Keesha, and Steven each owns an equal interest in KAS Partnership, a calendar-year-end, cash-method entity. On January 1 of the current year, Steven's basis in his partnership interest is $32,000. During January and February, the partnership generates $36,600 of ordinary income and $6,060 of tax-exempt income. On March 1, Steven sells his partnership interest to Juan for a cash payment of $56,000. The partnership has the following assets and no liabilities at the sale date: Tax Basis FMV Cash $ 40,000 $ 40,000 Land held for investment 40,000 80,000 Totals $ 80,000 $ 120,000 Problem 10-32 Part a (Algo) a. Assuming KAS's operating agreement provides for an interim closing of the books when partners' interests change during the year, what is Steven's basis in his partnership interest on March 1 just prior to the sale?

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