Required information [The following information applies to the questions displayed below] Melissa, Nicole, and Miguel are equal partners in the Opto Partnership (a calendar-year-end entity). Melissa decides she wants to exit the partnership and receives a proportionate distribution to liquidate her partnership interest on January 1 The partnership has no liabilities and holds the following assets as of January 1: Cash Accounts receivable Stock investment Land Totals Tax Basis FMV $ 18,000 0 $ 18,000 7,500 30,000 24,000 12,000 36,000 $ 55,500 $ 90,000 Melissa receives one-third of each of the partnership assets. She has a basis in her partnership interest of $25,000. Note: Leave no answer blank. Enter zero if applicable. b. What is Melissa's basis in the distributed assets? Cash Accounts receivable Stock investment Land Basis D
Required information [The following information applies to the questions displayed below] Melissa, Nicole, and Miguel are equal partners in the Opto Partnership (a calendar-year-end entity). Melissa decides she wants to exit the partnership and receives a proportionate distribution to liquidate her partnership interest on January 1 The partnership has no liabilities and holds the following assets as of January 1: Cash Accounts receivable Stock investment Land Totals Tax Basis FMV $ 18,000 0 $ 18,000 7,500 30,000 24,000 12,000 36,000 $ 55,500 $ 90,000 Melissa receives one-third of each of the partnership assets. She has a basis in her partnership interest of $25,000. Note: Leave no answer blank. Enter zero if applicable. b. What is Melissa's basis in the distributed assets? Cash Accounts receivable Stock investment Land Basis D
SWFT Essntl Tax Individ/Bus Entities 2020
23rd Edition
ISBN:9780357391266
Author:Nellen
Publisher:Nellen
Chapter14: Partnerships And Limited Liability Entities
Section: Chapter Questions
Problem 29P
Related questions
Question
![Required information
[The following information applies to the questions displayed below]
Melissa, Nicole, and Miguel are equal partners in the Opto Partnership (a calendar-year-end entity). Melissa decides she
wants to exit the partnership and receives a proportionate distribution to liquidate her partnership interest on January 1
The partnership has no liabilities and holds the following assets as of January 1:
Cash
Accounts receivable
Stock investment
Land
Totals
Tax Basis
FMV
$ 18,000
0
$ 18,000
7,500
30,000
24,000
12,000
36,000
$ 55,500
$ 90,000
Melissa receives one-third of each of the partnership assets. She has a basis in her partnership interest of $25,000.
Note: Leave no answer blank. Enter zero if applicable.
b. What is Melissa's basis in the distributed assets?
Cash
Accounts receivable
Stock investment
Land
Basis
D](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F2daffd81-f031-4235-9d29-c7a8ff5f88a0%2F45240f96-7aeb-442e-b02c-69702b2ba6f7%2Fvonaqgm_processed.png&w=3840&q=75)
Transcribed Image Text:Required information
[The following information applies to the questions displayed below]
Melissa, Nicole, and Miguel are equal partners in the Opto Partnership (a calendar-year-end entity). Melissa decides she
wants to exit the partnership and receives a proportionate distribution to liquidate her partnership interest on January 1
The partnership has no liabilities and holds the following assets as of January 1:
Cash
Accounts receivable
Stock investment
Land
Totals
Tax Basis
FMV
$ 18,000
0
$ 18,000
7,500
30,000
24,000
12,000
36,000
$ 55,500
$ 90,000
Melissa receives one-third of each of the partnership assets. She has a basis in her partnership interest of $25,000.
Note: Leave no answer blank. Enter zero if applicable.
b. What is Melissa's basis in the distributed assets?
Cash
Accounts receivable
Stock investment
Land
Basis
D
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