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Adam and Alyssa are equal partners in the PartiPilo Partnership. The partners formed the partnership three years ago by contributing cash. Prior to any distributions,
Adam and Alyssa are equal partners in the PartiPilo Partnership. The partners formed the partnership three years ago by contributing cash. Prior to any distributions, the partners have the following bases in their partnership interests:
Partner | Outside Basis | |
Adam | $ | 12,500 |
Alyssa | $ | 12,500 |
|
On December 31 of the current year, the partnership makes a pro rata operating distribution of:
Partner | Distribution | |||
Adam | Cash | $ | 20,750 | |
Alyssa | Cash | $ | 11,100 | |
Property | $ | 9,650 | (FMV) ($5,150 basis to partnership) | |
|
What is Alyssas basis in the distributed assets?
Basis in Cash ----------?
Basis in Property----------?
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