Requirement

Complete the chart for each of the following independent distributions. Assume that all distributions are liquidating and pro rata to the? partners, that no contributed property was? distributed, that all precontribution gain has been recognized before these? distributions, and that no Sec. 754 election is in effect

			Property's		Property's
	Partner's Basis	Property	Basis to	Property's	Basis to
	and Gain/Loss	Distributed	Partnership	FMV	Partner
a. Basis:
Predistribution	$26,000	Cash	$10,000	$10,000
Postdistribution		Land	10,000	20,000
Gain or loss		Machinery	1,500	1,000