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Required Information [The following information applies to the questions displayed below) Justin and Lauren are equal partners in the Penn Partnership. The partners formed the
Required Information [The following information applies to the questions displayed below) Justin and Lauren are equal partners in the Penn 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: Outside Partner Basis Justin 5 24,975 Lauren $ 24,975 On December 31 of the current year, the partnership makes a pro rata operating distribution of. Partner Justin Lauren Distribution Cash $ 28,825 Cash $ 20,55 Property $ 8,25 (FV) ($2,935 basis to partnership) (Leave no answer blank. Enter zero if applicable.) b. What Is Justin's remaining basis in this partnership Interest? Sals d. What is Lauren's basis in the distributed assets? Basis in cash Basis in property e. What is Lauren's remaining basis in her partnership Interest? Remaining basis
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