Partnership formation to dissolution. | Business & Finance homework help
Partnership Formation to Dissolution. Timothy is a 35 percent partner in the Total Partnership, a calendar-year-end entity. Timothy has an outside basis in his interest in Total of $198,000, which includes his share of the $45,000 of partnership liabilities. On December 31, Total makes a proportionate distribution of the following assets to Timothy: Basis FMV Cash $50,000 $50,000 Inventory 65,000 75,000 Land 50,000 65,000 Totals […]