FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Michelle pays $183,000 cash for Brittany's one-third interest in the Westlake Partnership. Just prior to the sale, Brittany's basis in Westlake is $96,300. Westlake reports the following balance sheet: Таx Basis FMV Assets $ 96,300 192,600 $ 288,900 $ 96,300 452,700 Cash Land Totals $ 549,000 Liabilities and capital Capital-Amy Capital-Brittany Сapital-Ben $ 96,300 $ 96,300 $ 96,300 $ 288,900 Totals (Leave no answer blank. Enter zero if applicable.) b. What is Michelle's basis in her partnership interest? What is Michelle's inside basis? Amount Basis in partnership interest Inside basis
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Transcribed Image Text:Michelle pays $183,000 cash for Brittany's one-third interest in the Westlake Partnership. Just prior to the sale, Brittany's basis in Westlake is $96,300. Westlake reports the following balance sheet: Таx Basis FMV Assets $ 96,300 192,600 $ 288,900 $ 96,300 452,700 Cash Land Totals $ 549,000 Liabilities and capital Capital-Amy Capital-Brittany Сapital-Ben $ 96,300 $ 96,300 $ 96,300 $ 288,900 Totals (Leave no answer blank. Enter zero if applicable.) b. What is Michelle's basis in her partnership interest? What is Michelle's inside basis? Amount Basis in partnership interest Inside basis
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