Distributions
Determine the gain, loss, adjusted basis of the partnership interest and basis in asset received
in the following independent situations:
1. Basis of Partnership Interest: $6,000
Asset Distributed: Cash of $4,000 (Nonliquidating)
Gain or (Loss): _______________
Basis of Partnership ______________
Basis of Asset Rec. (Inc. Cash) _______________________
2. Basis of Partnership Interest: $6,000
Asset Distributed: Cash of $14,000 (Nonliquidating)
Gain or (Loss): ______________________
Basis of Partnership _______________
Basis of Asset Rec. (Inc. Cash) ________________
3. Basis of Partnership Interest: $6,000
Asset Distributed: Inventory of $14,000 (Nonliquidating)
Gain or (Loss): _________________
Basis of Partnership _________________
Basis of Asset Rec. __________________
4. Basis of Partnership Interest: $6,000
Asset Distributed: Cash of $4,000 (liquidating)
Gain or (Loss): ______________
Basis of Partnership _______________
Basis of Asset Rec. (Inc. Cash) ______________
5. Basis of Partnership Interest: $6,000
Asset Distributed: Cash of $14,000 (liquidating)
Gain or (Loss): __________________________
Basis of Partnership _________________
Basis of Asset Rec. (Inc. Cash) _______________
6. Basis of Partnership Interest: $6,000
Asset Distributed: Inventory of $4,000 (liquidating)
Gain or (Loss): _______________
Basis of Partnership _______________
Basis of Asset Rec. _________________