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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 "O" 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.) Property's Property's Property Basis to Property's FMV Partner's Basis Basis to and Gain/Loss Distributed Partnership Partner a Basis: Predistribution 35,000 Cash 13,000 $ 13,000 Postdistribution Land 12,000 20,000 Gain or loss Machinery 3,500 1,000

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 "O" 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.) Property's Property's Property Basis to Property's FMV Partner's Basis Basis to and Gain/Loss Distributed Partnership Partner a Basis: Predistribution 35,000 Cash 13,000 $ 13,000 Postdistribution Land 12,000 20,000 Gain or loss Machinery 3,500 1,000

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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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.) Property's Property's Property's FMV Pertner's Basis Property Basis to Basis to and Gain/Loss Distributed Partnership Partner a. Basis: Predistribution 35,000 Cash 13,000 $ 13,000 Postdistribution Land 12,000 20,000 Gain or loss Machinery 3,500 1,000
Transcribed Image Text: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.) Property's Property's Property's FMV Pertner's Basis Property Basis to Basis to and Gain/Loss Distributed Partnership Partner a. Basis: Predistribution 35,000 Cash 13,000 $ 13,000 Postdistribution Land 12,000 20,000 Gain or loss Machinery 3,500 1,000
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