Question
Marcella has a $65,000 basis in her 50% partnership interest in the JM Partnership before receiving any distributions. This year JM makes a proportionate current
Marcella has a $65,000 basis in her 50% partnership interest in the JM Partnership before receiving any distributions. This year JM makes a proportionate current distribution to Marcella of $10,000 cash and inventory with an $80,000 fair value and a $60,000 basis to JM. What is Marcella's basis in the inventory and her remaining basis in JM after the distribution?
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Performance Auditing A Measurement Approach
Authors: Ronell B. Raaum CGAP CGFM, Stephen L. Morgan CIA CGAP CFE CGFM
2nd Edition
0894136607, 9780894136603
