The Taurin Partnership (a calendar-year-end entity) has the following assets as of December 31 of the current year: Tax Basis FMV Cash Accounts receivable Inventory Totals $ 46,920 15,640 83,400 $ 46,920 31,280 123,360 $ 145,960 $ 201,560 On December 31, Taurin distributes $15,640 of cash, $10,427 (FMV) of accounts receivable, and $41,120 (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 $41,413. Problem 21-46 Part b (Algo) b. What is Emma's basis in the distributed assets? Note: Round your intermediate and final answers to the nearest whole dollar amount. Cash Accounts receivable Inventory Basis $ 15,640
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- [The following information applies to the questions displayed below.] The Taurin Partnership (a calendar-year-end entity) has the following assets as of December 31 of the current year: Tax Basis FMV Cash $ 46,200 $ 46,200 Accounts receivable 15,400 30,800 Inventory 82,500 122,100 Totals $ 144,100 $ 199,100 On December 31, Taurin distributes $15,400 of cash, $10,267 (FMV) of accounts receivable, and $40,700 (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 $40,883. c1. If Emma’s basis before the distribution was $56,258 rather than $40,883, what is Emma’s recognized gain or loss? c2. What is her basis in the distributed assets?The Taurin Partnership (a calendar-year-end entity) has the following assets as of December 31 of the current year: Tax Basis FMV Cash $ 47,400 $ 47,400 Accounts receivable 15,800 31,600 Inventory 84,000 124,200 Totals $ 147,200 $ 203,200 On December 31, Taurin distributes $15,800 of cash, $10,533 (FMV) of accounts receivable, and $41,400 (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 $41,767. Required: c1. If Emma's basis before the distribution was $57,517 rather than $41,767, what is Emma's recognized gain or loss? c2. What is her basis in the distributed assets ?The Taurin Partnership (a calendar-year-end entity) has the following assets as of December 31 of the current year: Tax Basis FMV Cash $ 48,360 $ 48,360 Accounts receivable 16,120 32,240 Inventory 85,200 125,880 Totals $ 149,680 $ 206,480 On December 31, Taurin distributes $16,120 of cash, $10,747 (FMV) of accounts receivable, and $41,960 (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 $42,473. c1. If Emma's basis before the distribution was $58,523 rather than $42,473, what is Emma's recognized gain or loss? c2. What is her basis in the distributed assets?
- Required Information [The following information applies to the questions displayed below.] The Taurin Partnership (a calendar-year-end entity) has the following assets as of December 31 of the current year: Tax Basis $ 45,000 15,000 FMV $ 45,008 30,e00 Cash Accounts receivable Inventory 81,800 120,000 $ 195,e00 Totals $ 141,800 On December 31, Taurin distributes $15,000 of cash, $10,000 (FMV) of accounts recelvable, and $40,000 (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 $40,000. c1. If Emma's basis before the distribution was $55,000 rather than $40,000, what Is Emma's recognized galn or loss? c2 What is her basis in the distributed assets? Complete this question by entering your answers in the tabs below. Req C1 Req C2 What is her basis in the distributed assets? (Do not round intermediate calculations. Round your final answers to the nearest whole dollar…! Required information [The following information applies to the questions displayed below.] The Taurin Partnership (a calendar-year-end entity) has the following assets as of December 31 of the current year: Cash Accounts receivable Inventory Totals Cash Accounts receivable Inventory Tax Basis On December 31, Taurin distributes $15,240 of cash, $10,160 (FMV) of accounts receivable, and $40,420 (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 $40,530. $ b. What is Emma's basis in the distributed assets? Note: Round your intermediate and final answers to the nearest whole dollar amount. Basis $ 45,720 15,240 81,900 $ 142,860 FMV $ 45,720 30,480 121,260 $ 197,460 15,240Maria Partnership had the following information for the year ending December 31, 2022: Gross Receipts (Sales)- $600,000; Cost Of Goods Sold- $320,000; Operating Expenses- $88,000; Charitable Contributions-$2,000; Section 1231 Gain-$1,600; Section 1245 Gain $900; Dividends - $800. Maria Partnership's Ordinary Income (ie. Nonseparately Stated Income) for the year of 2022 is: O $192,900. O $195,300. O $192,000. O $193,700.
- The Taurin Partnership (a calendar-year-end entity) has the following assets as of December 31 of the current year: Таx Basis FMV $ 49,800 16,600 $ 49,800 33,200 128,400 $ 211,400 Cash Accounts receivable Inventory 87,000 Totals $ 153,400 On December 31, Taurin distributes $16,600 of cash, $11,067 (FMV) of accounts receivable, and $42,800 (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 $43,533. c1. If Emma's basis before the distribution was $60,033 rather than $43,533, what is Emma's recognized gain or loss? c2. What is her basis in the distributed assets? Complete this question by entering your answers in the tabs below. Req C1 Req C2 What is her basis in the distributed assets? (Do not round intermediate calculations. Round your final answers to the nearest whole dollar amount.) Basis Cash Accounts receivable InventoryThe Taurin Partnership (a calendar-year-end entity) has the following assets as of December 31 of the current year: Таx Basis $ 49,800 16,600 FMV $ 49,800 33,200 128,400 $ 211,400 Cash Accounts receivable Inventory 87,000 Totals $ 153,400 On December 31, Taurin distributes $16,600 of cash, $11,067 (FMV) of accounts receivable, and $42,800 (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 $43,533. b. What is Emma's basis in the distributed assets? (Round your intermediate and final answers to the nearest whole dollar amount.) Basis Cash Accounts receivable InventoryThe Taurin Partnership (a calendar-year-end entity) has the following assets as of December 31 of the current year: Cash Accounts receivable Inventory Totals Problem 21-46 Part c (Algo) Tax Basis On December 31, Taurin distributes $16,840 of cash, $11,227 (FMV) of accounts receivable, and $43,220 (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 $44,063. $ 50,520 16,840 87,980 $ 155,260 Required C1 Required C2 Required: 1. If Emma's basis before the distribution was $60,788 rather than $44,063, what is Emma's recognized gain or loss? 2. What is her basis in the distributed assets? FMV $ 50,520 33,680 129,668 $ 213,860 Complete this question by entering your answers in the tabs below. Cash Accounts receivable Inventory What is her basis in the distributed assets? Note: Do not round intermediate calculations. Round your final answers to the nearest whole dollar…
- Use the following information to complete the chart below, indicating the Calvet Trust's entity accounting income for each of the alternatives. Interest income, taxable $300,000 Interest income, tax-exempt 30,000 Interest income, tax-exempt but AMT preference item 20,000 Long-term capital gain 40,000 Trustee fee 10,000 Trust Agreement Provisions Trust AccountingIncome Fees and capital gains allocable to corpus 350,000 Capital gains allocable to corpus, one-half of fees allocable to income Capital gains allocable to income, silent concerning allocation of fees Fees and exempt income allocable to corpus, silent concerning allocationof capital gain/lossThe assets and equities of the A, B and C Partnership at the end of its fiscal year on October 31, 2019 are as follows: Assets: Liabilities and capital Liabilities – creditors P50,000 Loan from C Cash P15,000 Receivable – net 20,000 10,000 Inventory Plant assets – net 40,000 70,000 5,000 A, Capital B, Capital C, Capital 45,000 30,000 15,000 Loan to B The partners decide to liquidate the partnership. They estimate that the noncash assets, other than the loan to B, can be converted into P100,000 cash over the two months period ending December 31, 2021. Cash is to be distributed to the appropriate parties as it becomes available during the liquidation process. Assuming P65,000 is available for first distribution, it should be paid to (and how much)The Balance Sheet of the equal Delana Partnership on August 31, 2023 is as follows: Cash (Adjusted Basis-$240,000; Fair Market Value-$240,000 Unrealized Receivables (Adjusted Basis-$-0; Fair Market Value - $120,000); Capital Assets (Adjusted Basis-$330,000; Fair Market Value $510,000) (Total Assets: (Adjusted Basis-$570,000; Fair Market Value $870,000); Notes Payable (Adjusted Basis $180,000; Fair Market Value-$180,000); Capital Accounts: Rochelle Capital (Adjusted Basis-$130,000; Fair Market Value - $230,000); Kendra Capital (Adjusted Basis-$130,000; Fair Market Value-$230,000 Toya Capital (Adjusted Basis- $130,000; Fair Market Value - $230,000) (Total Liabilities And Equity (Capital)- (Adjusted Basis-$570,000; Fair Market Value $870,000) Rochelle sells her interest in the Partnership to someone outside of the Partnership for Cash of $230,000 and the assumption of her share of the Partnership Liabilities. The amount of Capital Gain recognized by Rochelle for the sale of her…