Partner Q of the QBT Partnership died during the year and Q's interest was inherited by her spouse, Ted. QBT was a service partnership. The fair market value of Q's interest at death was $100,000 but that included Q's share of 30,000 of unrealized accounts receivable and a $50,000 payment for Q's share of goodwill specifically provided by the partnership agreement. What is Ted's basis in the inherited partnership interest?
Partner Q of the QBT Partnership died during the year and Q's interest was inherited by her spouse, Ted. QBT was a service partnership. The fair market value of Q's interest at death was $100,000 but that included Q's share of 30,000 of unrealized accounts receivable and a $50,000 payment for Q's share of goodwill specifically provided by the partnership agreement. What is Ted's basis in the inherited partnership interest?
SWFT Essntl Tax Individ/Bus Entities 2020
23rd Edition
ISBN:9780357391266
Author:Nellen
Publisher:Nellen
Chapter18: Comparative Forms Of Doing Business
Section: Chapter Questions
Problem 37P
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Partner Q of the QBT
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