What is randolph basis in the distributed inventory

Reference no: EM13137727

Randolph is a 30% partner in the RD Partnership. On January 1, RD distributes $15,000 cash, inventory with a fair value of $20,000 (inside basis of $10,000), and a parcel of land with a fair value of $10,000 (inside basis of $5,000) to Randolph in complete liquidation of his interest. RD has no liabilities at the date of the distribution. Randolph's basis in RD is $37,000. What is Randolph's basis in the distributed inventory and land?

Reference no: EM13137727

Questions Cloud

Explain the steam from the nozzles of a single wheel impulse : The steam from the nozzles of a single wheel impulse turbine discharges with a velocity of 600 m/s at an angle of 20 degrees. The blade wheel rotates at 3000 rev/min and the mean blade radius is 590 mm

Government role on private lives : What role should local government have on the lives of its citizens? How much control or influence should local government have in the lives of its citizens?

Paper on entrepreneurship and what it has to do with leader : 7-10 page paper on entrepreneurship and what it has to do with leadership

How many ml of the drug should the patient receive : A patient weighs 146 pounds and is to receive a drug at a dosage of 45.0 mg per kg of body weight. The drug is supplied as a solution that contains 25.0 mg of drug per mL of solution.

What is randolph basis in the distributed inventory : Randolph's basis in RD is $37,000. What is Randolph's basis in the distributed inventory and land?

Determining the maturity : Mobile Co. issued a $45,000, 60-day, discounted note to Guarantee Bank. The discount rate is 6%. At maturity, the borrower will pay:

Elite and the masses for public policy on taxes : Explain the areas of conflict between the elite and the masses for public policy on taxes, international trade, and immigration. Give examples.

Dvd breezy is a retail dvd shop : Peters Dairy is an ice cream business. The following table shows the expected number of ice-creams to be sold between January and March 2014:

Compute mri amounts for each of the above four taxes : MRI Company has one employee. FICA Social Security taxes are 6.2% of the first $106,800 paid to its employee, and FICA Medicare taxes are 1.45% of gross pay. For MRI, its FUTA taxes are 0.8% and SUTA taxes are 2.9% of the first $7,000 paid to its ..

User Account

All Pages