CPAnet Forum: Outside basis

Active Topics

Memberlist

Help

REG STUDY GROUP
CPAnet Forum : REG STUDY GROUP

Topic: Outside basis (

Topic Closed)

Author

Message

<< Prev Topic | Next Topic >>

tobyyouxiang
Newbie
Newbie

Joined: 11 Mar 2012
Online Status: Offline
Posts: 3

Posted: 19 Mar 2012 at 23:00 \| IP Logged

Question:
Stone and Frazier decided to terminate the Woodwest Partnership as of
December 31. On that date, Woodwest's balance sheet was as follows:
Cash $2,000
Equipment (adjusted basis) 2,000
Capital - Stone $3,000
Capital - Frazier 1,000

Why are we using the outside basis 1200 instead of the Capital of Frazier?

The answer is 300 BTW.

musicamor04
Regular
Regular

Joined: 05 Oct 2011
Location: United States
Online Status: Offline
Posts: 155

Posted: 20 Mar 2012 at 12:55 \| IP Logged

tobyyouxiang...what's the question? You stated the fact pattern but not the question.

__________________
BEC - (65, 75, lost credit re-take May 30, 2012)
FAR - (42, 60, 64, 76)
AUD - (63, 87)
REG - (70, 58, 50 69, 70, 88--FINALLY!!)

gjtseng
Contributor

Joined: 26 Jan 2012
Online Status: Offline
Posts: 51

Posted: 20 Mar 2012 at 13:17 \| IP Logged

i think this question is not complete.....what is the call of the question?

Sorry, you can NOT post a reply.
This topic is closed.

Printable version

You cannot post new topics in this forum
You cannot reply to topics in this forum
You cannot delete your posts in this forum
You cannot edit your posts in this forum
You cannot create polls in this forum
You cannot vote in polls in this forum