Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Return to que 33 ! Part 2 of 4 Required information [The following information applies to the questions displayed below) Melissa, Nicole, and Ben are

image text in transcribed
image text in transcribed
Return to que 33 ! Part 2 of 4 Required information [The following information applies to the questions displayed below) Melissa, Nicole, and Ben are equal partners in the Opto Partnership (a calendar-year- end entity). Melissa decides she wants to exit the partnership and receives a proportionate distribution to liquidate her partnership Interest on January 1. The partnership has no liabilities and holds the following assets as of January 1 0.3 points Tax Basis $ 18,540 Cash Accounts receivable Stock investment Land Totals TE 7,860 31,800 $ 58,200 FMV $ 18,540 24,720 12,900 39,600 $ 95,760 Melissa receives one-third of each of the partnership assets. She has a basis in her partnership Interest of $26,170. (Leave no answer blank. Enter zero if applicable.) b. What is Melissa's basis in the distributed assets? Answer is complete but not entirely correct. IS Basis 18,540 0 S Cash Accounts receivable Stock investment Land S 7,860 31,800 $ 34 Port 3 of 4 Required information [The following information applies to the questions displayed below) Melissa, Nicole, and Ben are equal partners in the Opto Partnership (a calendar- year-end entity) Melissa decides she wants to exit the partnership and receives a proportionate distribution to liquidate her partnership interest on January 1. The partnership has no liabilities and holds the following assets as of January 1: 0.3 points Cash Accounts receivable Stock investment Totals Tax Basis $ 18,540 7,860 31,800 $ 58,200 FMV $ 18,540 24,720 12,900 39,600 $ 95,760 Land Melissa receives one-third of each of the partnership assets. She has a basis in her partnership Interest of $26,170. (Leave no answer blank. Enter zero if applicable.) c1. What are the amount and character of Melissa's recognized gain or loss if her outside basis is $11,540 rather than $26,170? c2. What is Melissa's basts in the distributed assets if her basis in Opto Partnership is $11.540 rather than $26,170? Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Req c1 Reg C2 What is Melissa's basis in the distributed assets if her basis in Opto Partnership is $11,540 rather than $2 Basis IS OX 0 Cash Accounts receivable Stock investment Land $ IS 0 $ OX

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Ecology, Sustainable Development And Accounting

Authors: Seleshi Sisaye

1st Edition

0415816351, 9780415816359

More Books

Students also viewed these Accounting questions