The Taurin Partnership (a calendar-year-end entity) has the following assets as of December 31 of the current year: Tax Basis $ 49,800 16,600 FMV Cash Accounts receivable Inventory $ 49,800 33,200 128,400 87,000 Totals $ 153,400 $ 211,400 On December 31, Taurin distributes $16,600 of cash, $11,067 (FMV) of accounts receivable, and $42,800 (FMV) of inventory to Emma (a one-third partner) in termination immediately prior to the distribution is $43,533. her partnership interest. Emma's basis in her partnership interest What is Emma's basis in the distributed assets? (Round your intermediate and final answers to the nearest whole dollar amount.) Basis Cash Accounts receivable Inventory

The Taurin Partnership (a calendar-year-end entity) has the following assets as of December 31 of the current year: Tax Basis $ 49,800 16,600 FMV Cash Accounts receivable Inventory $ 49,800 33,200 128,400 87,000 Totals $ 153,400 $ 211,400 On December 31, Taurin distributes $16,600 of cash, $11,067 (FMV) of accounts receivable, and $42,800 (FMV) of inventory to Emma (a one-third partner) in termination immediately prior to the distribution is $43,533. her partnership interest. Emma's basis in her partnership interest What is Emma's basis in the distributed assets? (Round your intermediate and final answers to the nearest whole dollar amount.) Basis Cash Accounts receivable Inventory

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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