10.

Marla was a 10% partner in M Partnership. Marlas outside basis in her partnership interest is $200,000 (just prior to distribution). This year, the partnership distributed the following to Marla in a proportionate distribution and liquidated the entire partnership (partnership did not continue):

• Cash: $25,000
• Inventory: FMV = $50,000; inside basis = $20,000
• Land: FMV = $80,000; inside basis = $80,000

Note: both inventory and land were purchased by the partnership

After the distribution, what is Marlas basis in the inventory?

11.

Marla was a 10% partner in M Partnership. Marlas outside basis in her partnership interest is $200,000 (just prior to distribution). This year, the partnership distributed the following to Marla in a proportionate distribution and liquidated the entire partnership (partnership did not continue):

• Cash: $25,000
• Inventory: FMV = $50,000; inside basis = $20,000
• Land: FMV = $80,000; inside basis = $80,000

Note: both inventory and land were purchased by the partnership

After the distribution, what is Marlas basis in the land?

12.

Maria was a 10% partner in M Partnership. Marias outside basis in her partnership interest is $200,000 (just prior to distribution). This year, the partnership distributed the following to Maria in a proportionate distribution that liquidated the entire partnership:

• Cash: $50,000
• Inventory: FMV = $125,000; inside basis = $100,000 (hot asset)

What is Marias recognized gain or loss on the distribution? Enter gain as a positive number or loss as a negative number.