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

Tax Basis FMV Cash $ 51,000 $ 51,000

Accounts receivable 17,000 34,000

Inventory 88,500 130,500

Totals $ 156,500 $ 215,500

On December 31, Taurin distributes $17,000 of cash, $11,333 (FMV) of accounts receivable, and $43,500 (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 $44,417.

Problem 16-46 Part b (Algo)

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