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Complete the chart for each of the following independent distributions. Assume that all distributions are liquidating and pro rata to the partners, that no contributed
Complete the chart for each of the following independent distributions. Assume that all distributions are liquidating and pro rata to the partners, that no contributed property was distributed, that all precontribution gain has been recognized before these distributions, and that no Sec. 754 election is in effect. (Complete all input fields. Enter a 0 for any zero balances. Do not round any interim calculations, but then round all of your final answers that you enter into the tables below to the nearest whole dollar.)
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a. Basis: Predistribution Postdistribution Gain or loss b. Basis: Predistribution Postdistribution Gain or loss c. Basis: Predistribution Postdistribution Gain or loss d. Basis: Predistribution Postdistribution Gain or loss Partner's Basis and Gain/Loss $ $ $ $ Property Distributed 21,000 Cash Land Machinery 24,000 Cash Land Inventory 27,000 Cash Land-Parcel 1 Land-Parcel 2 $ $ $ 37,000 Land-Parcel 1 $ Land-Parcel 2 Land-Parcel 3 Property's Basis to Partnership 12,000 $ 2,000 5,000 5,000 $ 4,000 1,500 35,000 $ 2,000 16,000 7,000 $ 1,000 6,000 KOO Property's FMV 12,000 11,000 3,000 5,000 2,000 8,500 35,000 17,000 16,000 10,000 14,000 7,000 Property's Basis to Partner
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