Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. when joaquim's outside basis in the phoenix partne

When Joaquim's outside basis in the Phoenix Partnership is $256,000, the partnership distributes to him...

90.2K

Verified Solution

Question

Accounting

When Joaquim's outside basis in the Phoenix Partnership is $256,000, the partnership distributes to him $70,000 cash, an account receivable (fair market value of $144,000, inside basis to the partnership of $0), and a parcel of land (fair market value of $200,000, inside basis to the partnership of $220,000). Joaquim remains a partner in the partnership, and the distribution is proportionate to the partners. If an amount is zero, enter "0".

In what order are the assets distributed to Joaquim? Cash, accounts receivable, land

Compute Joaquim's basis in the accounts receivable and land.

Accounts receivable $
Land $

Joaquim's basis in the partnership after the current distribution is $.

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students