Exercise 21-19 (a) (LO. 3)
On January 11 of the current year, Birchfield and Torcoletti...
Business, 09.04.2020 22:08 skaterwolf1317
Exercise 21-19 (a) (LO. 3)
On January 11 of the current year, Birchfield and Torcoletti form the BT LLC. Their contributions to the LLC are as follows:
Adjusted Basis Fair Market Value
From Birchfield:
Cash $112,000 $112,000
Accounts receivable $0 $69,000
Inventory $205,000 $215,000
From Torcoletti:
Cash $396,000 $396,000
By January 31, BT collects the receivables and sells the inventory for $215,000 cash.
BT realized the following income in the current year from these transactions:
a.
of $
from collecting cash basis accounts receivable.
b.
of $
from sale of inventory.
c. This rule exists to ensure that a partner and partnership
property between themselves and alter the inherent character of the underlying deferred income, gain, loss, or deduction.
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