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The Taurin Partnership (a calendar-year-end entity) has the following assets as of December 31 of the current year: 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) of accounts receivable, and $42,240 (FMV) of inventory to Emma (a one-third partner) in termination of her partnership interest. Emma's basis in her partnership interest immediately prior to the distribution is $42,827.

The Taurin Partnership (a calendar-year-end entity) has the following assets as of December 31 of the current year: 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) of accounts receivable, and $42,240 (FMV) of inventory to Emma (a one-third partner) in termination of her partnership interest. Emma's basis in her partnership interest immediately prior to the distribution is $42,827.

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The Taurin Partnership (a calendar-year-end entity) has the following assets as of December 31 of the current year: Cash Accounts receivable Inventory Totals Problem 10-46 Part b (Algo) On December 31, Taurin distributes $16,280 of cash, $10,853 (FMV) of accounts receivable, and $42,240 (FMV) of inventory to Emma (a one-third partner) in termination of her partnership interest. Emma's basis in her partnership interest immediately prior to the distribution is $42,827. Cash Accounts receivable b. What is Emma's basis in the distributed assets? Note: Round your intermediate and final answers to the nearest whole dollar amount. Inventory Tax Basis $ 48,840 16, 280 85,800 $ 150,920 Basis Answer is not complete. $ 16,280 FMV $ 48,840 32,560 126,720 $ 208,120
Transcribed Image Text:The Taurin Partnership (a calendar-year-end entity) has the following assets as of December 31 of the current year: Cash Accounts receivable Inventory Totals Problem 10-46 Part b (Algo) On December 31, Taurin distributes $16,280 of cash, $10,853 (FMV) of accounts receivable, and $42,240 (FMV) of inventory to Emma (a one-third partner) in termination of her partnership interest. Emma's basis in her partnership interest immediately prior to the distribution is $42,827. Cash Accounts receivable b. What is Emma's basis in the distributed assets? Note: Round your intermediate and final answers to the nearest whole dollar amount. Inventory Tax Basis $ 48,840 16, 280 85,800 $ 150,920 Basis Answer is not complete. $ 16,280 FMV $ 48,840 32,560 126,720 $ 208,120
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