Required information Problem 21-46 (LO 21-4) (Algo) The following information applies to the questions displayed below.) The Taurin Partnership (a calendar year-end entity) has the following assets as of December 31 of the current year. Cash Accounts receivable Inventory Totals Tax Basis $ 48,120 16,040 84,900 $ 149,060 EMV $ 48,120 32,080 125,460 $ 205,660 On December 31, Taurin distributes $16,040 of cash. $10,693 (FMV) of accounts receivable, and $41.820 (FMV) of Inventory to Emma (a one third partner) in termination of her partnership Interest, Emma's basis in her partnership Interest Immediately prior to the distribution is $42.297. Problem 21-46 Part b (Algo) b. What is Emma's basis in the distributed assets? (Round your intermediate and final answers to the nearest whole dollor amount.) Basis 16,0401 $ Cash Accounts receivable Inventory W Problem Partnership Distributions & Dispositions Saved On December 31, Taurin distributes $16,040 of cash, $10,693 (FMV) of accounts receivable, and $41.820 (FMV) of inventory to Emma (a one-third partner in termination of her partnership interest. Emma's basis in her partnership intere immediately prior to the distribution is $42.297. Problem 21-46 Part c (Algo) c1. If Emma's basis before the distribution was $58,272 rather than $42,297 what is Emma's recognized gain or loss? c2 What is her basis in the distributed assets? Complete this question by entering your answers in the tabs below. Reg C1 Reg C2 if Emma's basis before the distribution was $58,272 rather than $42,297, what is Emma's recognized gain or loss? ONeither gain nor loss recognized Os27,687 of ordinary income O$8,585 of ordinary loss O $27,687 of capital gain 58,585 of capital loss M oblem Partnership Distributions & Dispositions Saved On December 31, Taurin distributes $16.040 of cash $10,693 (FMV) of accounts receivable, and $41,820 (FMV) of Inventory to Emma (a one third partner) in termination of her partnership Interest. Emma's basis in her partnership interest Immediately prior to the distribution is $42.297 Problem 21-46 Part c (Algo) c1. If Emma's basis before the distribution was $58,272 rather than $42.297, what is Emma's recognized gain or loss? c2. What is her basis in the distributed assets? Complete this question by entering your answers in the tabs below. Reg C1 Reg CZ What Is her basis in the distributed assets 7 (Do not round intermediate calculations. Round your final answers to the nearest whole dollar amount.) Basis Cash Accounts receivable Inventory M
