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Alex73 [517]
3 years ago
9

T. palms has a basis of $20,000 for her one-third interest in a partnership. the partnership has no liabilities, cash of $22,000

, and property with a partnership basis of $38,000 and fair market value of $44,000. for her one-third interest, palms receives the cash of $22,000. if the partnership elects sec. 754 optional basis adjustment, what is the basis of the retained partnership property?
Business
1 answer:
dybincka [34]3 years ago
5 0

Answer: $40000

Explanation:

The following can be deduced from the question

The Fair market value of Property = $44,000

Gain on the property = $44000 - $38000 = $6,000

Share of T. Palms = ⅓ × $6000 = $2000

Therefore, the basis of the retained partnership property will be:

= $44000 - $6000 + $2000

= $40000

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<em>However, in closed economies what it simply means is that there are no exports and imports.</em>

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<em></em>

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