Question
Justin and Lauren are equal partners in the PJenn Partnership. The partners formed the partnership seven years ago by contributing cash. Prior to any distributions,
Justin and Lauren are equal partners in the PJenn Partnership. The partners formed the partnership seven years ago by contributing cash. Prior to any distributions, the partners have the following bases in their partnership interests: (Leave no answer blank. Enter zero if appplicable.)
| Partner | Outside Basis | |
| Justin | $ | 23,575 |
| Lauren | $ | 23,575 |
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On December 31 of the current year, the partnership makes a pro rata operating distribution of:
| Partner | Distribution | |||
| Justin | Cash | $ | 27,025 | |
| Lauren | Cash | $ | 19,350 | |
| Property | $ | 7,675 | (FMV) ($2,495 basis to partnership) | |
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| ||||
e. What is Laurens remaining basis in her partnership interest?
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Auditing A Quality System For The Defense Industry
Authors: Charles B. Robinson
1st Edition
0873890787, 978-0873890786
