Daniel's basis in the DAT Partnership is $135,000.DAT distributes its land to Daniel in complete liquidation of his partnership interest.DAT reports the following balance sheet just before the distribution:
If DAT has a §754 election in place,what is the amount and sign (positive or negative)of the special basis adjustment resulting from the distribution to Daniel? What is DAT's basis in its remaining assets?
Definitions:
Activity-Based Costing
A pricing strategy that recognizes various tasks within a company and allocates the expenses of each task to all goods and services based on their real usage.
Customer Support
The range of services provided to assist customers in making cost-effective and correct use of a product, including assistance in planning, installation, training, troubleshooting, maintenance, and upgrading.
Time-Driven
Refers to processes or activities that are initiated, controlled, or measured based on time criteria.
Activity-Based Costing
An accounting methodology that assigns costs to products and services based on the resources they consume, providing more accurate cost information.
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