! 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: Tax Basis Cash $ 18,000 Accounts receivable Stock investment Land FMV $ 18,000 0 24,000 7,500 30,000 12,000 36,000 $ 55,500 $ 90,000 Totals 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? Basis Cash $ 6,000 Accounts receivable $ 0 Stock investment Land
! 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: Tax Basis Cash $ 18,000 Accounts receivable Stock investment Land FMV $ 18,000 0 24,000 7,500 30,000 12,000 36,000 $ 55,500 $ 90,000 Totals 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? Basis Cash $ 6,000 Accounts receivable $ 0 Stock investment Land
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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