Reference no: EM132740434
Question - The equal XYZ Partnership has the following balance sheets:
Basis FMV
Property A $39,000 $54,000
Property B $60,000 $42,000
Inventory A $3,000 $15,000
Inventory B $15,000 $12,000
$117,000 $123,000
Capital, X $35,000 $41,000
Capital, Y $41,000 $41,000
Capital, Z $41,000 $41,000
$117,000 $123,000
XYZ has a Code Section 754 election in effect, and X sells her interest to W for $41,000 cash. The two Properties are both capital assets. Inventory A was contributed by X at a time when its unrealized appreciation was $6,000. At the time of the transfer, X's share of the partnership's basis in partnership assets is $35,000.
i. How much is the Code Sec. 743(b) adjustment to each asset?
ii. How much income would be allocated to each partner if, one year later, Property A is sold for $60,000?
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