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Galina-37 [17]
3 years ago
5

Perry Partnership distributed cash of $15,000 and a parcel of land in a liquidating distribution to Gupta, a partner. The land h

ad a fair market value of $50,000 and an inside basis of $52,000 at the time of the distribution. Gupta's outside basis in Perry just prior to the distribution was $70,000. What is Gupta's resulting basis in the land?
a. $50,000

b. $55,000

c. $53,000

d. $52,000
Business
1 answer:
Pani-rosa [81]3 years ago
4 0

Answer:

option (b) $55,000

Explanation:

Data provided in the question:

Cash distributed = $15,000

Fair market value of the land = $50,000

Inside basis at the time of the distribution = $52,000

Gupta's outside basis = $70,000

Now,

Gupta's Outside basis = Cash + Basis in land

or

$70,000 = $15,000 + Basis in land

or

Basis in land = $70,000 - $15,000

or

Basis in land = $55,000

Hence,

The answer is option (b) $55,000

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Full Question:

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Question: The situation described in the first excerpt, what is the inspector's opinion of employer Taylor, Ibbotson, and co.? what phrases in the report support this

Answer:

The inspectors opinion of Taylor Ibboston and Co, is that they have engaged in criminal activities which are in violation fo the 1833 Factory Act. He is also is of the opinion that they ought to be punished to the full extend of the Law.

Explanation:

In the excerpt, he clearly states:

<em>I then went into the house to look at the time-book, and in the presence of one of the Masters referred to the cruelty of the case, and stated that I should certainly punish It with all the severity In my power....  </em>

<em />

Another phrase which supports his position states:

<em> I therefore, my lord, varied the Information, so as to enable me to sue for 80/ [about $400 In 2010], being four full penalties, ... </em>

<em />

Cheers!

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<span> </span>

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