Partnership interest following the distribution

Assignment Help Accounting Basics

Reference no: EM13134715

Marilyn is a partner in a continuing partnership. At the end of the current year, the partnership makes a proportionate, nonliquidating distribution to Marilyn of $40,000 cash, inventory (basis of $12,000, fair market value of $10,000), and land (basis of $30,000, fair market value of $40,000). Marilyn's basis in the partnership interest was $80,000 before the distribution. What is Marilyn's basis in the inventory, land, and partnership interest following the distribution?

Reference no: EM13134715

Questions Cloud

Freedom of speech vs. protection of children online? : Freedom of speech vs. protection of children online?

Explain and draw the most stable conformation of trans : Draw the most stable conformation of trans-1-isobutyl-4-methylcyclohexane in both the chair conformation and the wedge structure.

Compute the z-score for for a sample of scores : Compute the z-score for M=89 for a sample of n=25 scores. Is this sample mean in the middle 95% of the distribution?

What is its profit-maximizing rate of production : Firm operates in a perfectly competitive market in which the market price is $10 per unit. What is its profit-maximizing rate of production?

Partnership interest following the distribution : Marilyn's basis in the partnership interest was $80,000 before the distribution. What is Marilyn's basis in the inventory, land, and partnership interest following the distribution?

What would be katydid before-tax component cost of debt : KatyDid Clothes has a $152 million (face value) 20-year bond issue selling for 107 percent of par that carries a coupon rate of 11 percent, paid semiannually. What would be Katydid's before-tax component cost of debt?

Calculate the volume : Calculate the volume (in liters) occupied by 2.08 moles of nitric oxide (NO) at 5.84 atm and 76°C.

What would this error do : Sales discount correctly taken by the charge customer was debited to sales at the time the entry was recorded- what would this error do?

Dimensions of the prism : A rect. prism has a length of (l), a width of (w), and a height of 1. Volume of the rect prism is 24cm3. Use your knowledge of volume and surface area to derive a function F(W) that represents the surface area of the rect. prism in terms of its wi..

User Account

All Pages