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?