Maurice Tutor

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    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 11 Aug 2017 My Price 6.00

RD Partnership.

PLEASE SHOW THE DETAILS OF HOW YOU ARRIVED AT ANSWER PLEASE...

Randolph is a 30% partner in the RD Partnership. On January 1, RD distributes $15,000 cash, an investment with a fair value of $20,000 (inside basis of $10,000), and a parcel of land with a fair value of $10,000 (inside basis of $5,000) to Randolph in complete liquidation of his interest. RD has no liabilities at the date of the distribution. Randolph's basis in RD is $48,000. What is Randolph's basis in the distributed investment and land?

 

$10,000 investment, $5,000 land
 

$22,000 investment, $11,000 land
 

$20,000 investment, $10,000 land
 

$20,000 investment, $13,000 land

 

Answers

Maurice Tutor
(5)
Status NEW Posted 11 Aug 2017 11:08 AM My Price 6.00

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