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Required information [The following information applies to the questions displayed below.] Justin and Lauren are equal partners in the PJenn Partnership. The partners formed
Required information [The following information applies to the questions displayed below.] Justin and Lauren are equal partners in the PJenn Partnership. The partners formed the partnership seven years ago by contributing cash. Prior to any distributions, the partners have the following bases in their partnership interests: Partner Justin Lauren Outside Basis $ 22,175 $ 22,175 On December 31 of the current year, the partnership makes a pro rata operating distribution of: Partner Justin Lauren Distribution Cash $ 25,225 Cash $ 18,150 Property $ 7,075 (FMV) ($2,055 basis to partnership) (Leave no answer blank. Enter zero if applicable.) b. What is Justin's remaining basis in his partnership interest? Basis
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