<\/p>
Ricky is a 30% partner in the ABC Partnership. ABC makes a proportionate liquidating distribution of $15,000 cash, inventory property with a fair market value of $40,000 (inside basis of $30,000), and a parcel of land with a fair value of $15,000 (inside basis of $5,000). ABC has no liabilities at the date of the distribution. Ricky's basis in ABC is $85,000. What is Ricky's basis in the distributed inventory and land?<\/p>
<\/p>
A. $10,000 inventory, $5,000 land<\/p>
B. $40,000 inventory, $15,000 land<\/p>
C. $30,000 inventory, $40,000 land<\/p>
D. $20,000 inventory, $10,000 land<\/p>", "transcribed_text": "", "related_book": { "title": "CCH Federal Taxation Basic Principles 2020", "isbn": "0808051784, 9780808051787", "edition": "2020 Edition", "authors": "Ephraim P. Smith, Philip J. Harmelink, James R. Hasselback", "cover_image": "https:\/\/dsd5zvtm8ll6.cloudfront.net\/si.question.images\/book_images\/63eb17fd3242c_23721.jpg", "uri": "\/textbooks\/cch-federal-taxation-basic-principles-2020-2020-edition-9780808051787", "see_more_uri": "\/textbooks\/business-taxation-payroll-tax-3479" }, "free_related_book": { "isbn": "979-8863375083", "uri": "\/textbooks\/secure-network-1st-edition-979-8863375083-235865", "name": "Secure Network", "edition": "1st Edition" }, "question_posted": "2024-06-14 21:13:59", "see_more_questions_link": "\/study-help\/questions\/business-finance-2024-September-21", "step_by_step_answer": "The Answer is in the image, click to view ...", "students_also_viewed": [ { "url": "\/british-airways-plc-ba-a-uk-company-prepares-its-financial-7", "description": "British Airways, Plc. (BA), a U.K. company, prepares its financial statements according to International Financial Reporting Standards. 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