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Michelle pays $156,000 cash for Brittany's one-third interest in the Westlake Partnership. Just prior to...

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Accounting

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Michelle pays $156,000 cash for Brittany's one-third interest in the Westlake Partnership. Just prior to the sale, Brittany's basis in Westlake is $100,200. Westlake reports the following balance sheet: Tax Basis FMV Assets: Cash Land Totals $100,200 $100,200 200,400 367,800 $300,600 $468,000 Liabilities and capital: Capital - Amy - Brittany - Ben 100,200 100,200 100,200 $300,600 Totals (Do not round intermediate calculations. Leave no answer blank. Enter zero if applicable.) Problem 21-55 Part b b. What is Michelle's basis in her partnership interest? What is Michelle's inside basis? Amount Basis in partnership interest Inside basis

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