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

The tax basis balance sheet for Boxelder, a general partnership on 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.   What is Valerie’s beginning basis in her 33.33 percent capital and interest in Boxelder?

Grammar / Punctuation / Usage Directions:  If the following…

Grammar / Punctuation / Usage Directions:  If the following sentence is written correctly, mark “A” for true.  If it is not written correctly, mark “B” for false.     ======================================================================================   I drive a 1962 Chevy Nova, it is light brown with lots of chrome.