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safezone safezone
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7 years ago
Tony sells his one-fourth interest in the WindyCity Partnership to Bill for $100,000 cash when the partnership's assets are as follows:

Assets   Basis   Fair Market Value
Cash
Unrealized receivables
Inventory
Land
Total   $80,000 
-0-
80,000
80,000
$240,000       $ 80,000   
72,000
184,000 
64,000
$400,000   

The partnership has no liabilities on the sale date. Tony's basis in his partnership interest on the date of the sale is $60,000. What is the allocation of Tony's gain to the assets received?
Textbook 
Prentice Hall's Federal Taxation 2014 Corporations, Partnerships, Estates & Trusts

Prentice Hall's Federal Taxation 2014 Corporations, Partnerships, Estates & Trusts


Edition: 27th
Authors:
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That's not philosophy, it's geometry
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genflynngenflynn
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7 years ago
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We have the most crude accounting tools. It's tragic because our accounts and our national arithmetic doesn't tell us the things that we need to know.

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safezone Author
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7 years ago
Thank you, thank you, thank you!
logbi
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Yesterday
this is exactly what I needed
prime7105
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2 hours ago
You make an excellent tutor!
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