Mary and Scott formed a partnership that maintains its records on a calendar-year basis. The balance sheet of the MS Partnership at year-end is as fol
Mary and Scott formed a partnership that maintains its records on a calendar-year basis. The balance sheet of the MS Partnership at year-end is as follows:
\r\nBasis Fair Market Value
\r\nCash $ 60 $ 60
\r\nLand 60 180
\r\nInventory 72 60
\r\n$192 $300
\r\nMary $ 96 $150
\r\nScott 96 150
\r\n$192 $300
\r\n