Davids basis in the Jimsoo Partnership is $62,500. In a proportionate liquidating distribution, David receives cash of $8,900 and two capital assets: (1) land 1 with a fair market value of $23,800 and a basis to Jimsoo of $18,850, and (2) land 2 with a fair market value of $11,425 and a basis to Jimsoo of $18,850. Jimsoo has no liabilities.

b. What is Davids basis in the distributed assets?

	Basis
Cash	$8,900 selected answer correct
Land 1	$31,198 selected answer correct
Land 2	$22,524 selected answer incorrect

c2. What is David's basis in distributed assets?

• Req C2

What is David's basis in distributed assets?

	Basis
Cash	not attempted
Land 1	$23,800 selected answer incorrect
Land 2	$11,425 selected answer incorrect