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Megan and Matthew are equal partners in the J & J Partnership (calendar-year-end entity). On January 1 of the current year, they decide to liquidate
Megan and Matthew are equal partners in the J & J Partnership (calendar-year-end entity). On January 1 of the current year, they decide to liquidate the partnership. Megan's basis in her partnership interest is $125,000 and Matthew's is $45,000. The two partners receive identical distributions, with each receiving the following assets: (Leave no answer blank. Enter zero if applicable.) Cash Inventory Land Totals Tax Bania $36,250 8,750 1,125 $46,125 $36,250 10,000 1,750 $40,000 d. What is Matthew's basis in the distributed assets? Basis Cash Inventory Land
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