T. palms has a basis of $20,000 for her one-third interest in a partnership. the partnership has no liabilities, cash of $22,000, and property with a partnership basis of $38,000 and fair market value of $44,000. for her one-third interest, palms receives the cash of $22,000. if the partnership elects sec. 754 optional basis adjustment, what is the basis of the retained partnership property?

Need with an adjusting journal entrycmc records depreciation and amortization expense annually. they do not use an accumulated amortization account. (i.e. amortization expense is recorded with a debit to amort. exp and a credit to the patent.) annual depreciation rates are 7% for buildings/equipment/furniture, no salvage. (round to the nearest whole dollar.) annual amortization rates are 10% of original cost, straight-line method, no salvage. cmc owns two patents: patent #fj101 and patent #cq510. patent #cq510 was acquired on october 1, 2016. patent #fj101 was acquired on april 1, 2018 for $119,000. the last time depreciation & amortization were recorded was december 31, 2017.before adjustment: land: 348791equpment and furniture: 332989building: 876418patents 217000