The Taurin Partnership (a calendar-year-end entity) has the following assets as of December 31 of the current year:

	Tax Basis	FMV
Cash	$ 49,320	$ 49,320
Accounts receivable	16,440	32,880
Inventory	86,400	127,560
Totals	$ 152,160	$ 209,760

On December 31, Taurin distributes $16,440 of cash, $10,960 (FMV) of accounts receivable, and $42,520 (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 $43,180.

b. What is Emma's basis in the distributed assets?

Note: Round your intermediate and final answers to the nearest whole dollar amount.

CASH-------------------------------------$16,440 (This one is correct)

ACCOUNTS RECEIVABLE---------$

INVENTORY-----------------------------$

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c1. If Emma's basis before the distribution was $59,530 rather than $43,180, what is Emma's recognized gain or loss?

c2. What is her basis in the distributed assets?

BASIS

CASH------------------------------------$

ACCOUNTS RECEIVABLE--------$

INVENTORY----------------------------$

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