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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. Melissa receives one-third of each of the partnership assets. She has a basis in her partnership interest of $25,390. Note: Leave no answer blank. Enter zero if applicable. What is Melissa's basis in the distributed assets? Answer is complete but not entirely correct. Cash $ Accounts receivable $ Stock investment _and Tax Basis $ 18,180 0 7,620 30, 600 $ 56,400 Basis 6,060 0✓ $ 6,712 $ 10,299 FMV $ 18,180 24,240 12,300 37,200 $ 91,920

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. Melissa receives one-third of each of the partnership assets. She has a basis in her partnership interest of $25,390. Note: Leave no answer blank. Enter zero if applicable. What is Melissa's basis in the distributed assets? Answer is complete but not entirely correct. Cash $ Accounts receivable $ Stock investment _and Tax Basis $ 18,180 0 7,620 30, 600 $ 56,400 Basis 6,060 0✓ $ 6,712 $ 10,299 FMV $ 18,180 24,240 12,300 37,200 $ 91,920

FINANCIAL ACCOUNTING
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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H1. 

Stock investment is NOT 2,540 and land is NOT 10,200. 

 

 

 

! 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 Melissa receives one-third of each of the partnership assets. She has a basis in her partnership interest of $25,390. 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 Tax Basis $ 18,180 > Answer is complete but not entirely correct. $ $ $ $ 0 7,620 30,600 $ 56,400 Basis 6,060 0 6,712 10,299 FMV $ 18,180 24,240 12,300 37,200 $ 91,920
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 Melissa receives one-third of each of the partnership assets. She has a basis in her partnership interest of $25,390. 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 Tax Basis $ 18,180 > Answer is complete but not entirely correct. $ $ $ $ 0 7,620 30,600 $ 56,400 Basis 6,060 0 6,712 10,299 FMV $ 18,180 24,240 12,300 37,200 $ 91,920
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