The Taurin Partnership (a calendar-year-end entity) has the following assets as of December 31 of...
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Accounting
The Taurin Partnership (a calendar-year-end entity) has the following assets as of December 31 of the current year:
Tax Basis
FMV
Cash
$ 49,800
$ 49,800
Accounts receivable
16,600
33,200
Inventory
87,000
128,400
Totals
$ 153,400
$ 211,400
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.
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.
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