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Business, 18.12.2019 18:31 lexiejax21

The taurin partnership (calendar year-end) has the following assets as of december 31 of the current year: tax basis fmv cash $ 45,720 $ 45,720 accounts receivable 15,240 30,480 inventory 81,900 121,260 totals $ 142,860 $ 197,460 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. c1. if emma’s basis before the distribution was $55,755 rather than $40,530, what is emma’s recognized gain or loss? c2. what is her basis in the distributed assets?

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