7.

Pablo has a $130,000 outside basis in his partnership interest (cash-basis partnership). This year, the partnership distributed the following to Pablo in a proportionate current distribution (land was purchased by the partnership):

• Cash: $25,000
• Unrealized receivables: FMV = $16,000; inside basis = $0
• Land: FMV = $90,000; inside basis = $80,000

After the distribution, what is Pablo's basis in his partnership interest?

8.

Prince has a $100,000 outside basis in his partnership interest (cash-basis partnership). This year, the partnership distributed the following to Prince in a proportionate current distribution (land was purchased by the partnership):

• Cash: $131,000

What is Prince's gain or loss recognized? Enter gain as a positive number or loss as a negative number.

9.

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

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