Business, 04.11.2021 22:00 heatherswiffin666

When Teri’s outside basis in the TMF Partnership is $80,000, the partnership distributes to her $30,000 of cash, an account receivable (fair market value of $60,000, inside basis to the partnership of $0), and a parcel of land (fair market value of $60,000, inside basis to the partnership of $80,000). Teri remains a partner in the partnership, and the distribution is proportionate to the partners. a. Use the format of Concept Summary 21.4 to create a spreadsheet to calculate the effects of the distribution. Set up an input area for the amounts on lines 1, 2, 5, and 8. Code the formulas shown in the Calculations section of the concept summary to calculate the amounts in the remaining lines. You will use "sum," "min," and "max" formulas. Enter Ter’s relevant facts in the input section of your spreadsheet

b. Based on the information in your spreadsheet, how much gain or loss will Teri recognize as a result of the distribution? Explain your answer.

c. How much is Teri

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When Teri’s outside basis in the TMF Partnership is $80,000, the partnership distributes to her $30,...

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