AJ is a 30 partner in the Trane partnership, a calendar year end entity On January 1, AJ has an outside basis in his interest in Trane of $73,000, which includes his share of the $50,000 of partnership liabilities Trane generates $42,000 of income during the year and does not make any changes to its liabilities On December 31, Trane makes a proportionate distribution of the following assets to AJ to terminate his partnership interest Tax Basis FMV Inventory $ 57,000 $ 65,000 Land 30,000 25,000 Totals $ 87,000 $90,000 What is the amount of any recognized gain or loss to AJ Same facts as the prior question, what is AJs basis in the land

Question

AJ is a 30  partner in the Trane partnership, a calendar year end entity  On January 1, AJ has an outside basis in his interest in Trane of $73,000, which includes his share of the $50,000 of partnership liabilities  Trane generates $42,000 of income during the year and does not make any changes to its liabilities  On December 31, Trane makes a proportionate distribution of the following assets to AJ to terminate his partnership interest  Tax Basis FMV Inventory $ 57,000 $ 65,000 Land 30,000 25,000 Totals $ 87,000 $90,000 What is the amount of any recognized gain or loss to AJ  Same facts as the prior question, what is AJs basis in the land

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AJ is a 30% partner in the Trane partnership, a calendar year end entity. On January 1, AJ has an outside basis in his interest

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