Question
Kristina's pre-distribution basis in her partnership interest is $15,000. In a liquidating distribution, two assets are distributed to him as follows: Investment Land FMV: $10,000
Kristina's pre-distribution basis in her partnership interest is $15,000. In a liquidating distribution, two assets are distributed to him as follows:
Investment Land FMV: $10,000 Basis to partnership: $6,000
Inventory FMV: $8,000 Basis to partnership: $6,000
Assume all distributions are pro rata to the partners and no contributed property was distributed. All pre-contribution gain has been recognized prior to the distributions and the partnership has no liabilities. What is Jose's basis for the investment land he received?
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Forensic Analytics Methods And Techniques For Forensic Accounting Investigations
Authors: Mark J. Nigrini
2nd Edition
1119585767, 9781119585763
