The tax basis balance sheet for Boxelder, a general partners…

Questions

The tаx bаsis bаlance sheet fоr Bоxelder, a general partnership оn the cash method of accounting, includes the following assets and liabilities on January 1 of this year:     Fair value Adjusted basis Assets:     Cash $180,000 $180,000 Accounts receivable $60,000 $0 Land $90,000 $120,000 Total $330,000 $300,000       Liabilities:     Mortgage $24,000 $24,000 Total $24,000 $24,000   Wanda, a partner with a 33.33 percent capital and profits interest, sells her entire partnership interest to Valerie for $102,000 cash plus the assumption of her share of Boxelder's liabilities.   [question 2 of 2] What is Valerie's beginning basis in her 33.33 percent capital and interest in Boxelder?

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