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 $ 20,070 $ 20,070 0 8,880 36,900 26,760 15,450 49,800 $ 65,850 $ 112,080 Melissa receives one-third of each of the partnership assets. She has a basis in her partnership interest of $29,485. Note: Leave no answer blank. Enter zero if applicable. c1. What are the amount and character of Melissa's recognized gain or loss if her outside basis is $13,070 rather than $29,485? c2. What is Melissa's basis in the distributed assets if her basis in Opto Partnership is $13,070 rather than $29,485? Complete this question by entering your answers in the tabs below. Required C1 Required C2 What is Melissa's basis in the distributed assets if her basis in Opto Partnership is $13,070 rather than $29,485? Basis Cash Accounts receivable Stock investment Land $ $ 6,690
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 $ 20,070 $ 20,070 0 8,880 36,900 26,760 15,450 49,800 $ 65,850 $ 112,080 Melissa receives one-third of each of the partnership assets. She has a basis in her partnership interest of $29,485. Note: Leave no answer blank. Enter zero if applicable. c1. What are the amount and character of Melissa's recognized gain or loss if her outside basis is $13,070 rather than $29,485? c2. What is Melissa's basis in the distributed assets if her basis in Opto Partnership is $13,070 rather than $29,485? Complete this question by entering your answers in the tabs below. Required C1 Required C2 What is Melissa's basis in the distributed assets if her basis in Opto Partnership is $13,070 rather than $29,485? Basis Cash Accounts receivable Stock investment Land $ $ 6,690
Chapter21: Partnerships
Section: Chapter Questions
Problem 7BCRQ
Related questions
Question
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![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
$ 20,070
$ 20,070
0
8,880
36,900
26,760
15,450
49,800
$ 65,850
$ 112,080
Melissa receives one-third of each of the partnership assets. She has a basis in her partnership interest of $29,485.
Note: Leave no answer blank. Enter zero if applicable.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F5328c12f-e34a-4a1d-b440-4bff5d546c4c%2F7b2275d2-8469-4b9f-b2dd-00de1816e8b9%2Fdi90tz_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
$ 20,070
$ 20,070
0
8,880
36,900
26,760
15,450
49,800
$ 65,850
$ 112,080
Melissa receives one-third of each of the partnership assets. She has a basis in her partnership interest of $29,485.
Note: Leave no answer blank. Enter zero if applicable.
Transcribed Image Text:c1. What are the amount and character of Melissa's recognized gain or loss if her outside basis is $13,070 rather than $29,485?
c2. What is Melissa's basis in the distributed assets if her basis in Opto Partnership is $13,070 rather than $29,485?
Complete this question by entering your answers in the tabs below.
Required C1 Required C2
What is Melissa's basis in the distributed assets if her basis in Opto Partnership is $13,070 rather than $29,485?
Basis
Cash
Accounts receivable
Stock investment
Land
$
$
6,690
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