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The BI Partnership pays its only liability (a $80,000 mortgage) on April 1 of the current year and terminates that same day. Becky and lan

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The BI Partnership pays its only liability (a $80,000 mortgage) on April 1 of the current year and terminates that same day. Becky and lan were equal partners in the partnership but have partnership bases immediately preceding these transactions of $70,000 and $200,000, respectively, including his or her share of liabilities. The two partners receive identical distributions with each receiving the following assets: Click the icon to view the assets.) Read the requirement lan Begin by computing each partner's basis to be allocated. Becky Basis preceding transactions Minus: Basis before distributions Minus: Basis to be allocated Data Table FMV Assets Cash Inventory Receivables Building Partnership's Basis 26,000 $ 31,000 6,200 20,000 23,000 106,200 $ 26,000 33,200 4,000 75,000 13,000 151,200 Land Total The building has no depreciation recapture potential. Print Done

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