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The Taurine Partnership (a calendar-year-end entity) has the following assets as of December 31 of...

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Accounting

The Taurine Partnership (a calendar-year-end entity) has the following assets as of December 31 of the current year: Tax Basis FMV Cash $ 46,680 $ 46,680 Accounts receivable 15,560 31,120 Inventory 83,100 122,940 Totals $ 145,340 $ 200,740 On December 31, Taurin distributes $15,560 of cash, $10,373 (FMV) of accounts receivable, and $40,980 (FMV) of inventory to Emma (a one-third partner) in termination of her partnership interest. Emma's basis in her partnership interest immediately prior to the distribution is $41,237. Problem 21-46 Part b (Algo) b. What is Emma's basis in the distributed assets

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