Tenika has a $10,000 basis in her interest in the TF Partnership and no remaining precontribution gain immediately before receiving a current distribution that consisted of $4,000 in money, plastic tubes held in inventory with a $3,000 basis to the partnership and an FMV of $3,375, and drip irrigation pipe held as inventory with a $6,000 basis to the partnership and an FMV of $5,000. What is
Tenika's basis for the plastic tubes and drip irrigation pipe?
A)
C)
D)
D)
*$3,000 ÷ ($3,000 + $5,000) × 2,000 = 750
**$5,000 ÷ ($3,000 + $5,000) × 2,000 = 1,250
You might also like to view...
Fadia Ammunition Inc., a firm controlled and managed by the government of Fadia, is the only company that has the license to produce defense arms in the country. Which of the following industry competitive structures does this best illustrate?
A. oligopoly B. perfect competition C. monopoly D. monopolistic competition
How do management tasks differ for a general partner and a limited partner?
What will be an ideal response?
What are the questions that managers want answered about defensive marketing?
What will be an ideal response?
Apple Computer dominates the online legal music sales industry primarily because of a failure of recording label companies to
A) invest in technology. B) assemble accurate data. C) invest in complementary assets. D) modernize their information value chain. E) adopt a new business model.