Reference no: EM132948985
The River Pines LLP is equally owned by three partners and shows the following balance sheet at the end of the current tax year.
Basis FMV
Cash $318,000 $318,000
Unrealized receivables 0 192,000
Land 99,000 207,000
$417,000 $717,000
Albeira, capital $139,000 $239,000
Azana, capital 139,000 239,000
Arthur, capital 139,000 239,000
$417,000 $717,000
Partner Azana is an active (i.e., "general") partner retiring from the service-oriented partnership. She receives $290,000 cash, none of which is stated to be for goodwill.
Problem a. How much of the payment is for "unstated goodwill"?
Problem b. How is the $290,000 allocated between a § 736(a) income payment and a § 736(b) property payment?
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