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The Taurin Partnership (calendar year-end) has the following assets as of December 31 of the...

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Accounting

The Taurin Partnership (calendar year-end) has the following assets as of December 31 of the current year:

Tax Basis FMV
Cash $ 45,960 $ 45,960
Accounts receivable 15,320 30,640
Inventory 82,200 121,680
Totals $ 143,480 $ 198,280

On December 31, Taurin distributes $15,320 of cash, $10,213 (FMV) of accounts receivable, and $40,560 (FMV) of inventory to Emma (a one-third partner) in termination of her partnership interest. Emmas basis in her partnership interest immediately prior to the distribution is $40,707. (Do not round intermediate calculations. Round your final answers to the nearest whole dollar amount.)

b. What is Emmas basis in the distributed assets?

c1. If Emmas basis before the distribution was $56,007 rather than $40,707, what is Emmas recognized gain or loss?

c2. What is her basis in the distributed assets?

Cash ____

Accounts Rec. ______

Inventory _______

Cash ___________

Accounts Rec. ____________

Inventory ____________

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