At December 31, Year 1, Kale Co. had the following balances in the accounts it maintains at First State Bank: Checking account #101 $175,000 Checking account #201 (10,000) Money market account 25,000 90-day certificate of deposit, due 2/28/Y2 50,000
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Tyson is a 25 percent partner in the kt partnership. on january 1, kt makes a proportionate distribution of $16,000 cash, inventory with a $10,000 fair value (inside basis $4,000), land a with a fair value of $8,000 (inside basis of $12,000), and
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