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Digiron [165]
3 years ago
15

Randolph is a 30% partner in the rd partnership. on january 1, rd distributes $15,000 cash, inventory with a fair value of $20,0

00 (inside basis of $10,000), and a parcel of land with a fair value of $10,000 (inside basis of $5,000) to randolph in complete liquidation of his interest. rd has no liabilities at the date of the distribution. randolph's basis in rd is $37,000. what is randolph's basis in the distributed inventory and land? $10,000 inventory, $10,000 land $10,000 inventory, $5,000 land $10,000 inventory, $12,000 land $20,000 inventory, $10,000 land
Business
1 answer:
devlian [24]3 years ago
6 0

Answer:set up a poportion

Explanation:

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Complete Question:

Land and other real estate held as investments by endowments in a government’s permanent fund should be reported at

Group of answer choices

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Answer:

C. Fair value.

Explanation:

Land and other real estate held as investments by endowments in a government's permanent fund should be reported at fair value of the reporting date except for the exception of life insurance contract, external investment pool, money market investment etc.

The fair value can be defined as the actual or real value of an asset, security, product or item in financial accounting.

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Why?

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Answer:

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