Question
Bryces basis in the Markit Partnership is $63,580. In a proportionate liquidating distribution, Bryce receives the following assets: Tax Basis FMV Cash $ 9,200 $
Bryces basis in the Markit Partnership is $63,580. In a proportionate liquidating distribution, Bryce receives the following assets:
| Tax Basis | FMV | ||||
| Cash | $ | 9,200 | $ | 9,200 | |
| Land A | $ | 21,800 | $ | 47,700 | |
| Land B | $ | 21,800 | $ | 27,400 | |
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b. What is Bryces basis in the distributed assets? (Round your intermediate and final answers to the nearest whole dollar amount.)
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Practicing Leadership Principles and Applications
Authors: Arthur Shriberg, David Shriberg
4th edition
978-0470086988
