! Required information [The following information applies to the questions displayed below.) Melissa, Nicole, and Miguel are equal partners in the Opto Partnership (a calendar-year-end entity). Melissa decides she wants to exit the partnership and receives a proportionate distribution to liquidate her partnership interest on January 1. The partnership has no liabilities and holds the following assets as of January 1: Tax Basis Cash $ 18,000 Accounts receivable Stock investment Land FMV $ 18,000 0 24,000 7,500 30,000 12,000 36,000 $ 55,500 $ 90,000 Totals Melissa receives one-third of each of the partnership assets. She has a basis in her partnership interest of $25,000. Note: Leave no answer blank. Enter zero if applicable. b. What is Melissa's basis in the distributed assets? Basis Cash $ 6,000 Accounts receivable $ 0 Stock investment Land
! Required information [The following information applies to the questions displayed below.) Melissa, Nicole, and Miguel are equal partners in the Opto Partnership (a calendar-year-end entity). Melissa decides she wants to exit the partnership and receives a proportionate distribution to liquidate her partnership interest on January 1. The partnership has no liabilities and holds the following assets as of January 1: Tax Basis Cash $ 18,000 Accounts receivable Stock investment Land FMV $ 18,000 0 24,000 7,500 30,000 12,000 36,000 $ 55,500 $ 90,000 Totals Melissa receives one-third of each of the partnership assets. She has a basis in her partnership interest of $25,000. Note: Leave no answer blank. Enter zero if applicable. b. What is Melissa's basis in the distributed assets? Basis Cash $ 6,000 Accounts receivable $ 0 Stock investment Land
Century 21 Accounting Multicolumn Journal
11th Edition
ISBN:9781337679503
Author:Gilbertson
Publisher:Gilbertson
Chapter23: Accounting For Partnerships
Section23.3: Dissolving A Partnership
Problem 1WT
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Required information
[The following information applies to the questions displayed below.]
Melissa, Nicole, and Miguel are equal partners in the Opto Partnership (a calendar-year-end entity). Melissa decides she
wants to exit the partnership and receives a proportionate distribution to liquidate her partnership interest on January 1.
The partnership has no liabilities and holds the following assets as of January 1:
Cash
Accounts receivable
Stock investment
Land
Tax Basis
FMV
$ 18,000
0
24,000
$ 18,000
7,500
30,000
12,000
36,000
Totals
$ 55,500
$ 90,000
Melissa receives one-third of each of the partnership assets. She has a basis in her partnership interest of $25,000.
Note: Leave no answer blank. Enter zero if applicable.
b. What is Melissa's basis in the distributed assets?
Basis
Cash
$
6,000
Accounts receivable
$
0
Stock investment
Land](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F152d606a-19d5-42cc-b16b-d3ab7c31caac%2F5c7fb4f0-5e42-47a8-bcb2-4ce25749c948%2Figg866_processed.png&w=3840&q=75)
Transcribed Image Text:!
Required information
[The following information applies to the questions displayed below.]
Melissa, Nicole, and Miguel are equal partners in the Opto Partnership (a calendar-year-end entity). Melissa decides she
wants to exit the partnership and receives a proportionate distribution to liquidate her partnership interest on January 1.
The partnership has no liabilities and holds the following assets as of January 1:
Cash
Accounts receivable
Stock investment
Land
Tax Basis
FMV
$ 18,000
0
24,000
$ 18,000
7,500
30,000
12,000
36,000
Totals
$ 55,500
$ 90,000
Melissa receives one-third of each of the partnership assets. She has a basis in her partnership interest of $25,000.
Note: Leave no answer blank. Enter zero if applicable.
b. What is Melissa's basis in the distributed assets?
Basis
Cash
$
6,000
Accounts receivable
$
0
Stock investment
Land
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