The Whitewater LLP is equally owned by three partners and shows the following balance sheet at the end of the current tax year. Basis FMV Cash 576,500 $76,500 25,500 Unrealized receivables 0 Land 25,500 102,000 $204,000 $102,000 Petula, capital $34,000 34,000 Prudence, capital $68,000 68,000 68,000 Primrose, capital 34,000 $102,000 $204,000 Partner Petula is an active (t.e, general) partner retiring from the service-oriented partnership. She receives $76,500 cash, none of which is stated to be for goodwill. a. How much of the payment is for "unstated goodwill? 8,500 9 b. How is the $76,500 allocated between a $ 736(a) income payment and a $ 736(b) property payment? The $76,500 cash payment is allocated as follows: 5 736(a) income payment: 34,000 5 736(b) property payment: 59,500 Check My Work Omore Check My Work uses remaining. Previous Next > The Whitewater LLP is equally owned by three partners and shows the following balance sheet at the end of the current tax year. Basis FMV Cash 576,500 $76,500 25,500 Unrealized receivables 0 Land 25,500 102,000 $204,000 $102,000 Petula, capital $34,000 34,000 Prudence, capital $68,000 68,000 68,000 Primrose, capital 34,000 $102,000 $204,000 Partner Petula is an active (t.e, general) partner retiring from the service-oriented partnership. She receives $76,500 cash, none of which is stated to be for goodwill. a. How much of the payment is for "unstated goodwill? 8,500 9 b. How is the $76,500 allocated between a $ 736(a) income payment and a $ 736(b) property payment? The $76,500 cash payment is allocated as follows: 5 736(a) income payment: 34,000 5 736(b) property payment: 59,500 Check My Work Omore Check My Work uses remaining. Previous Next >