The Taurin Partnership (a calendar-year-end entity) has the following assets as of December 31 of the current yearCashAccounts receivableInventoryТах Basis$ 45,00015,00081, 000$ 141,000FMV$ 45,00030, 000120, 000$ 195,800TotalsOn December 31, Taurin distributes $15,000 of cash, $10,000 (FMV) of accounts receivable, and $40.000 (FMVinventory to Emma (a one-third partner) in termination of her partnership interest. Emma's basis in he partnershiImmediately prior to the distribution is $40,000.stb. What is Emma's basis in the distributed assets? (Do not round intermediate calculations. Round your finetawers to the nearestwhole dollar amount.)BasisCash15,000Accounts receivableInventory c1. If Emma's basis before the distribution was $55,000 rather than $40,000, what is Emma's recognized gain or loss?c2. What is her basis in the distributed assets?Answer is not complete.Complete this question by entering your answers in the tabs below.Reg C1Reg C2What is her basis in the distributed assets? (Do not round Intermediate calculations. Round your final answers to thenearest whole dollar amount.)BasisCash15,000Accounts recelvableInventory( Reg C1

b. As Taurin distributes only cash, accounts receivable, and inventory, and the adjusted bases of…

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 $ 45,000 15, eee 81, 000 $ 141,000 FMV $ 45,000 30, 000 120,000 $ 195,000 On December 31, Taurin distributes $15,000 of cash, $10,000 (FMV) of accounts receivable, and $40.000 (FMV) Inventory to Emma (a one-third partner) in termination of her partnership interest. Emma's basis in he partnersh Immediately prior to the distribution is $40,000. st b. What is Emma's basis in the distributed assets? (Do not round intermediate calculations. Round your fineLAwers to the nearest whole dollar amount.) Basis Cash 15,000 Accounts receivable Inventory

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 $ 45,000 15, eee 81, 000 $ 141,000 FMV $ 45,000 30, 000 120,000 $ 195,000 On December 31, Taurin distributes $15,000 of cash, $10,000 (FMV) of accounts receivable, and $40.000 (FMV) Inventory to Emma (a one-third partner) in termination of her partnership interest. Emma's basis in he partnersh Immediately prior to the distribution is $40,000. st b. What is Emma's basis in the distributed assets? (Do not round intermediate calculations. Round your fineLAwers to the nearest whole dollar amount.) Basis Cash 15,000 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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