The partner's basis in the distributed (noncash) property:

1) Houlihan's Partnership distributed land with a FMV of $900.000 and an adjusted basis to the partnership of $825,000 to Bruce in a nonliquidating distribution. Burce's basis in the partnership interest was $750,000.

2) Mary Ann's adjusted basis in Coconut Associates was a $300,000 immediately before she receied a distribution in complete liquidation of Coconut. She received a $125,000 in cash and equipment with an AB to Coconut of $150,000 and a FMV of $200,000.