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Questions 33 and 34 are based on the following information: Brad's outside basis in the Lee partnership is $80,000. He received a current distribution consisting
Questions 33 and 34 are based on the following information: Brad's outside basis in the Lee partnership is $80,000. He received a current distribution consisting of the following assets: Basis FMV Difference Capital Asset 1 $70,000 $10,000 Capital Asset 2 $70,000 $40,000 Total $140,000 $50,000 Brad's basis in Capital Asset 1 is $30,000 2. $0 3. $10,000 4. $70,000 None of these. O 5. QUESTION 34 1.76 points Save Answer See Question 33 for the facts. Brad's basis in Capital Asset 2 is 1. $40,000 2. $70,000 4. None of these 5. $50,000
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