Tamara owns interest in two different entities: a partnership and an S-Corp. Her basis in the partnership is $40,000. Her basis in the S-Corp is 23,250. Tamara is the sole owner of the S-Corp. b. Independent of part (a), assume the partnership gives a liquidating distribution to Tamara of $30,000 cash and two pieces of equipment. Equipment 1 is worth 3,000 (basis: 3,000) and

FINANCIAL ACCOUNTING
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Chapter1: Financial Statements And Business Decisions
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Tamara owns interest in two different entities: a partnership and an S-Corp. Her basis in the partnership is $40,000. Her basis in the S-Corp is 23,250. Tamara is the sole owner of the S-Corp.

b. Independent of part (a), assume the partnership gives a liquidating distribution to Tamara of $30,000 cash and two pieces of equipment. Equipment 1 is worth 3,000 (basis: 3,000) and equipment two is worth 2,000 (basis: 0). Compute the following:

Basis of Tamara’s Partnership Interest____________________

Basis of equipment 1 to Tamara__________________________

Basis of equipment 2 to Tamara__________________________

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