The VRX Partnership (A Calendar Year-End Entity)has the Following Assets

question 30

Essay

The VRX Partnership (a calendar year-end entity)has the following assets and no liabilities:
$\begin{array} { l r r r } & \text { Basis } & \text { FMV } \\\text { Cash } & \$ 27,000 & \$ 27,000 \\\text { Accourts receivable } & - 0 - & 18,000 \\\text { Inventory } & 103,500 & 121,500 \\\text { Equipment } & 270,000 & 337,500 \\\text { Stock irvestrnent } & \underline { 67,500} & \underline { 62,500} \\\text { Totals } & \underline { \$ 468,000 }& \underline { \$ 566,500}\end{array}$ The equipment was purchased for $360,000 and VRX has taken $90,000 of depreciation.The stock was purchased 7 years ago.What are VRX's hot assets for purposes of a sale of partnership interest?

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Definitions:

Working Self-Concept

The aspect of an individual's self-identity that is active and salient in a given context or at a particular time.

Self-Referencing

Denoting a statement or situation where the subject refers to or relates directly to itself.

Self-Awareness

The conscious knowledge of one’s own character, feelings, motives, and desires.

Generalized Other

A combination of other people’s views that tells you who and what you are.