Requirement Complete the chart for each of the following independent distributions. Assume that all distributions are liquidating and pro rata to the partners, that no contributed property was distributed, that all precontribution gain has been recognized before these distributions, and that no Sec. 754 election is in effect. (Complete all answer boxes. Enter a "0" for any zero balances. Do not round any interim calculations, but then round all of your final answers that you enter into the tables below to the nearest whole dollar. Abbreviation used: FMV = fair market value.) a. Basis: Predistribution Postdistribution Gain or loss Partner's Basis and Gain/Loss Property Distributed 35,000 Cash Land Machinery Property's Basis to Partnership Property's FMV 12,000 $ 11,000 4,500 12,000 19,000 1,500 Property's Basis to Partner

Requirement Complete the chart for each of the following independent distributions. Assume that all distributions are liquidating and pro rata to the partners, that no contributed property was distributed, that all precontribution gain has been recognized before these distributions, and that no Sec. 754 election is in effect. (Complete all answer boxes. Enter a "0" for any zero balances. Do not round any interim calculations, but then round all of your final answers that you enter into the tables below to the nearest whole dollar. Abbreviation used: FMV = fair market value.) a. Basis: Predistribution Postdistribution Gain or loss Partner's Basis and Gain/Loss Property Distributed 35,000 Cash Land Machinery Property's Basis to Partnership Property's FMV 12,000 $ 11,000 4,500 12,000 19,000 1,500 Property's Basis to Partner

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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Question

Requirement
Complete the chart for each of the following independent distributions. Assume that all distributions are liquidating and pro rata to the partners, that no
contributed property was distributed, that all precontribution gain has been recognized before these distributions, and that no Sec. 754 election is in effect.
(Complete all answer boxes. Enter a "0" for any zero balances. Do not round any interim calculations, but then round all of your final answers that you enter
into the tables below to the nearest whole dollar. Abbreviation used: FMV = fair market value.)
a. Basis:
Predistribution
Postdistribution
Gain or loss
Partner's Basis
and Gain/Loss
$
Property
Distributed
35,000 Cash
Land
Machinery
Property's
Basis to
Partnership
Property's
FMV
12,000 $
11,000
4,500
12,000
19,000
1,500
Property's
Basis to
Partner

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