QUESTION 18 At the beginning of the current tax year, Fannie invests $200,000 for a forty percent (40%) interest in Snow Hill Company. At the end of the current tax your Snow Hill Company cameda Net Income of $300,000 and had end of the tax year liabilities of $100,000 If Snow Hill Company is ans Corporation, Fannie's basis in her stock at the end of the current tax year is 5-420.000 $320,000 $120,000 $300,000 The Balance Sheet of the equal Samuel Partnership on August 31, 2020 is as follows: Cash (Adjusted Basis- $210,000; Fair Market Value - $210,000): Unrealized Receivables (Adjusted Basis - $-0-: Fair Market Value - $150,000); Capital Assets (Adjusted Basis - $360,000; Fair Market Value - $510,000) (Total Assets: (Adjusted Basis $570,000; Fair Market Value - $870,000); Notes Payable (Adjusted Basis - $180,000; Fair Market Value - $180,000); Capital Accounts: Joyce Capital (Adjusted Basis - $130,000; Fair Market Value - $230,000); Delana Capital (Adjustec Basis - $130,000; Fair Market Value - $230,000); Ruth Capital (Adjusted Basis - $130,000; Fair Market Value - $230,000) (Total Liabilities And Equity (Capital) - (Adjusted Basis - $570,000; Fair Market Value - $870,000). The Partnership makes a Liquidating Distribution to Joyce of Cash of $10,000, Unrealized Receivables of $50,000 and Capital Assets worth (Fair Market Value) $170,000. The remaining Partners assume Joyce's share of the Partnership Liabilities. Joyce's basis in the distributed Capital Assets is: $ 50,000 $ 30,000 $ -O-. $120,000