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 Cash Accounts receivable Inventory Tax Basis On December 31, Taurin distributes $15,640 of cash, $10,427 (FMV) of accounts receivable, and $41,120 (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 $41.413. S What is Emma's basis in the distributed assets? te: Round your intermediate and final answers to the nearest whole dollar amount. Basis $ 46,920 15,640 83,400 $ 145,960 FIN $ 46,920 31,200 123,360 $ 201,500 28.716

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 Cash Accounts receivable Inventory Tax Basis On December 31, Taurin distributes $15,640 of cash, $10,427 (FMV) of accounts receivable, and $41,120 (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 $41.413. S What is Emma's basis in the distributed assets? te: Round your intermediate and final answers to the nearest whole dollar amount. Basis $ 46,920 15,640 83,400 $ 145,960 FIN $ 46,920 31,200 123,360 $ 201,500 28.716

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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! Required information [The following information applies to the questions displayed below.] 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 Cash Accounts receivable Inventory Tax Basis On December 31, Taurin distributes $15,240 of cash, $10,160 (FMV) of accounts receivable, and $40,420 (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 $40,530. $ b. What is Emma's basis in the distributed assets? Note: Round your intermediate and final answers to the nearest whole dollar amount. Basis $ 45,720 15,240 81,900 $ 142,860 FMV $ 45,720 30,480 121,260 $ 197,460 15,240
The capital accounts of Heidi and Moss have balances of $90,000 and $65,000, respectively, on January 1, the beginning of the current fiscal year. On April 10, Heidi invested an additional $8,000. During the year, Heidi and Moss withdrew $40,000 and $32,000, respectively. Revenues were $540,000 and expenses were $420,000 for the year. The articles of partnership make no reference to the division of net income. Required: 1. Prepare a statement of partners' equity for the partnership of Heidi and Moss. If an amount box does not require an entry, leave it blank. Enter all amounts as positive numbers. Heidi and Moss Statement of Partners' Equity For the Year Ended December 31 Heidi Moss Total Capital, January 1 $fill in the blank 7e8152f83026faf_2 $fill in the blank 7e8152f83026faf_3 $fill in the blank 7e8152f83026faf_4 Additional investment during the year fill in the blank 7e8152f83026faf_6 fill in the blank 7e8152f83026faf_7 fill in the blank 7e8152f83026faf_8…
Cari Hawkins is a 50% partner in the calendar year Hawkins-Henry Partnership. On January 1, 2020, her basis in her partnership interest is $160,000. The partnership has no taxable income or loss for the current year. In a nonliquidating distribution on December 15, the partnership distributes $120,000 cash to Cari and inventory proportionately to all partners. Cari’s share of the inventory has a basis of $50,000 (fair market value of $60,000). In January 2021, Cari asks your advice regarding treatment of 2020 operations and distributions. a. How much gain or loss does the partnership recognize as a result of 2020activities?
Jenna began the year with a tax basis of $22,000 in her partnership interest. Her share of partnership liabilities consists of $3,000 of recourse liabilities and $12,000 of nonrecourse liabilities at the beginning of the year and $3,000 of recourse liabilities and $14,000 of nonrecourse liabilities at the end of the year. During the year, she was allocated $36,000 of partnership ordinary business loss. Jenna does not materially participate in this partnership, and she has $5,000 of passive income from other sources. b. How much of Jenna’s loss is limited by her at-risk amount?
Milton has a basis in his partnership of $300,000, including his $80,000 share of partnership liabilities. At the end of the current year the partnership pays off the liabilities and makes a proportionate current distribution to its partners. Milton receives a parcel of land (partnership basis of $120,000 and FMV of $135,000) and inventory (partnership basis of $160,000 and FMV of $180,000). Following the distribution what is Milton's basis in the inventory? I'm not sure if it's 160,000 or not
Cari Hawkins is a 50% partner in the calendar year Hawkins-Henry Partnership. On January 1, 2015, her basis in her partnership interest is $160,000. The partnership has no taxable income or loss for the current year. In a nonliquidating distribution on December 15, the partnership distributes $120,000 cash to Cari and inventory proportionately to all partners. Cari’s share of the inventory has a basis of $50,000 (fair market value of $60,000). In January 2016, Cari asks your advice regarding treatment of 2015 operations and distributions. a. How much gain or loss does the partnership recognize as a result of 2015 activities? b. How much gain or loss must Cari recognize in 2015? c. What is Cari’s basis in inventory received? d. What is Cari’s basis in her partnership interest at the end of 2015? e. Are there other considerations Cari and/or the partnership should address?
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The Taurin Partnership (a calendar-year-end entity) has the following assets as of December 31 of the current year: Tax Basis FMV Cash $ 48,360 $ 48,360 Accounts receivable 16,120 32,240 Inventory 85,200 125,880 Totals $ 149,680 $ 206,480 On December 31, Taurin distributes $16,120 of cash, $10,747 (FMV) of accounts receivable, and $41,960 (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 $42,473. c1. If Emma's basis before the distribution was $58,523 rather than $42,473, what is Emma's recognized gain or loss? c2. What is her basis in the distributed assets?