Munabhai The Taurin Partnership (a calendar-year-end entity) has the following assets as of December 31 of the current year:CashAccounts receivableInventoryTotalsProblem 10-46 Part b (Algo)On December 31, Taurin distributes $16,280 of cash, $10,853 (FMV) of accounts receivable, and $42,240 (FMV) ofinventory to Emma (a one-third partner) in termination of her partnership interest. Emma's basis in her partnership interestimmediately prior to the distribution is $42,827.CashAccountsreceivableb. What is Emma's basis in the distributed assets?Note: Round your intermediate and final answers to the nearest whole dollar amount.InventoryTax Basis$ 48,84016, 28085,800$ 150,920BasisAnswer is not complete.$ 16,280FMV$ 48,84032,560126,720$ 208,120

Tax basis of an asset is the amount that will be deductible for tax purposes against any taxable…

The Taurin Partnership (a calendar-year-end entity) has the followin Cash Accounts receivable Inventory Totals Tax Basis $ 48,840 16,280 85,800 $ 150,920 FMV $ 48,840 32,560 126,720 $ 208,120 On December 31, Taurin distributes $16,280 of cash, $10,853 (FMV inventory to Emma (a one-third partner) in termination of her partne immediately prior to the distribution is $42,827.