Question
Stella purchases 30% ownership in Moose Partnership for $60,000. Moose owns the following assets; cash of $60,000, Inventory with basis of $18,000 and FMV of
Stella purchases 30% ownership in Moose Partnership for $60,000. Moose owns the following assets; cash of $60,000, Inventory with basis of $18,000 and FMV of $30,000 and land with a basis of $90,000 and FMV of $100,000. Stellas outside basis at the time of purchase is:
a. $60,000
b. $50,400
c. $57,000
d. $53,400
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Intermediate Accounting
Authors: J. David Spiceland, James Sepe, Mark Nelson
6th edition
978-0077328894, 71313974, 9780077395810, 77328892, 9780071313971, 77395816, 978-0077400163
