Question
Slate Quarry, a general partnership, had the following balance sheets at December 31: Basis FMV Cash $30,000 $30,000 Inventory 20,000 30,000 Land 50,000 90,000 $100,000
Slate Quarry, a general partnership, had the following balance sheets at December 31:
|
|
| Basis |
| FMV |
| Cash |
| $30,000 |
| $30,000 |
| Inventory |
| 20,000 |
| 30,000 |
| Land |
| 50,000 |
| 90,000 |
|
|
| $100,000 |
| $150,000 |
| Capital, Fred |
| $60,000 |
| $90,000 |
| Capital, Wilma |
| $20,000 |
| $30,000 |
| Capital, Barney |
| $20,000 |
| $30,000 |
|
|
| $100,000 |
| $150,000 |
Please compute the inside and outside basis
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Financial Markets and Institutions
Authors: Jeff Madura
11th Edition
1133947875, 9781305143005, 1305143000, 978-1133947875
