Tupper and Tolin have decided to form a partnership to provide environmental testing services to industry. The individuals will share profits equally and have conveyed the following assets and liabilities to the partnership:
$$\begin{array} { l r r }
& \text { Tupper } & \text { Tolin } \
\text { Cash } & \$ 20,000 & \
\text { Equipment basis } & 12,000 & 34,000 \
\text { Vehicles basis } & & 6,000 \
\text { Liabilities } & 8,000 & 20,000
\end{array}$$ Required:
Calculate the book basis of each partner in the partnership.

Question

Tupper and Tolin have decided to form a partnership to provide environmental testing services to industry. The individuals will share profits equally and have conveyed the following assets and liabilities to the partnership:
 $$\begin{array} { l r r } 
& \text { Tupper } & \text { Tolin } \
\text { Cash } & \$ 20,000 & \
\text { Equipment basis } & 12,000 & 34,000 \
\text { Vehicles basis } & & 6,000 \
\text { Liabilities } & 8,000 & 20,000
\end{array}$$ Required:
Calculate the book basis of each partner in the partnership.

Quizplus · Accepted Answer

The Answer of Tupper and Tolin have decided to form a partnership to provide environmental testing services to industry. The individuals will share profits equally and have conveyed the following assets and liabilities to the partnership:
 $$\begin{array} { l r r } 
& \text { Tupper } & \text { Tolin } \
\text { Cash } & \$ 20,000 & \
\text { Equipment basis } & 12,000 & 34,000 \
\text { Vehicles basis } & & 6,000 \
\text { Liabilities } & 8,000 & 20,000
\end{array}$$ Required:
Calculate the book basis of each partner in the partnership.

Tupper and Tolin Have Decided to Form a Partnership to Provide