10. The ABCD partnership has four partners. Each partners adjusted basis in the partnership interest owned by that partner was $100,000 on the first day of last year. The partnership reported net income for last year of $80,000 (there were no separately stated items to take into account). The partnership distributed pro rata to each partner identical parcels of land held by the partnership for investment that each had a fair market value of $25,000 and a basis to the partnership of $10,000. How much is includible in each partners gross income for the year as the result of the distribution?

a. $80,000

b. $20,000

c. $25,000

d. $10,000

e. 0

11. The ABCD partnership has four partners. Each partners adjusted basis in the partnership interest owned by that partner was $100,000 on the first day of last year. The partnership reported net income for last year of $80,000 (there were no separately stated items to take into account). The partnership distributed pro rata to each partner identical parcels of land that each had a fair market value of $25,000 and a basis to the partnership of $10,000. What is each partners basis in the land distributed to the partner?

a. 0

b. $20,000

c. $15,000

d. $10,000

12. The ABCD partnership has four partners. Each partners adjusted basis in the partnership interest owned by that partner was $100,000 on the first day of last year. The partnership reported net income for last year of $80,000 (there were no separately stated items to take into account). The partnership distributed pro rata to each partner identical parcels of land that each had a fair market value of $25,000 and a basis to the partnership of $10,000. What is each partners adjusted basis in the partners partnership interest at the close of last year?

a. $90,000

b. $110,000

c. $120,000

d. $170,000

13. The ABCD partnership has four partners. Each partners adjusted basis in the partnership interest owned by that partner was $100,000 on the first day of last year. The partnership reported net income for last year of $80,000 (there were no separately stated items to take into account). The partnership distributed pro rata to each partner $30,000 in cash plus identical parcels of land that each had a fair market value of $25,000 and a basis to the partnership of $10,000. How much is includible in each partners gross income for the year as the result of the distribution?

a. $80,000

b. $55,000

c. $30,000

d. $10,000

e. 0

14. The ABCD partnership has four partners. Each partners adjusted basis in the partnership interest owned by that partner was $100,000 on the first day of last year. The partnership reported net income for last year of $80,000 (there were no separately stated items to take into account). The partnership distributed pro rata to each partner $30,000 in cash plus identical parcels of land that each had a fair market value of $25,000 and a basis to the partnership of $10,000. What is each partners basis in the land distributed to the partner?

a. 0

b. $20,000

c. $15,000

d. $10,000

15. The ABCD partnership has four partners. Each partners adjusted basis in the partnership interest owned by that partner was $100,000 on the first day of last year. The partnership reported net income for last year of $80,000 (there were no separately stated items to take into account). The partnership distributed pro rata to each partner $30,000 in cash plus identical parcels of land that each had a fair market value of $25,000 and a basis to the partnership of $10,000. What is each partners adjusted basis in the partners partnership interest at the close of last year?

a. $90,000

b. $65,000

c. $80,000

d. $110,000

16. The ABCD partnership has four partners. Each partners adjusted basis in the partnership interest owned by that partner was $40,000 on the first day of last year. The partnership reported net income for last year of $80,000 (there were no separately stated items to take into account). The partnership distributed pro rata to each partner $55,000 in cash plus identical parcels of land that each had a fair market value of $25,000 and a basis to the partnership of $10,000. How much is includible in each partners gross income for the year as the result of the distribution?

a. $10,000

b. $55,000

c. $25,000

d. $5,000

e. 0

17. The ABCD partnership has four partners. Each partners adjusted basis in the partnership interest owned by that partner was $40,000 on the first day of last year. The partnership reported net income for last year of $80,000 (there were no separately stated items to take into account). The partnership distributed pro rata to each partner $55,000 in cash plus identical parcels of land that each had a fair market value of $25,000 and a basis to the partnership of $10,000. What is each partners adjusted basis in the land distributed to the partner?

a. 0

b. $20,000

c. $15,000

d. $10,000

e. $5,000