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Davids basis in the Jimsoo Partnership is $54,500. In a proportionate liquidating distribution, David receives cash of $7,300 and two capital assets: (1) Land A
Davids basis in the Jimsoo Partnership is $54,500. In a proportionate liquidating distribution, David receives cash of $7,300 and two capital assets: (1) Land A with a fair market value of $20,600 and a basis to Jimsoo of $16,450, and (2) Land B with a fair market value of $10,225 and a basis to Jimsoo of $16,450. Jimsoo has no liabilities.
b. What is Davids basis in the distributed assets? (Round your intermediate and final answers to the nearest whole dollar amount.)
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