Question
Three years? ago,Mario joined the MN Partnership by contributing land with a $10,000 basis and an $18,000 FMV. On January 15 of the current? year,Mario
Three years? ago,Mario joined the MN Partnership by contributing land with a $10,000 basis and an $18,000 FMV. On January 15 of the current? year,Mario has a basis in his partnership interest of $20,000?,and none of his precontribution gain has been recognized. On January? 15, Mario receives a current distribution of a property other than the contributed land with a $15,000 basis and a $23,000 FMV.
Requirements
| a. | Does Mario recognize any gain or loss on the? distribution? |
| b. | What is Mario?'s basis in his partnership interest after the? distribution? |
| c. | What is the? partnership's basis in the land Mario contributed after Mario receives this? distribution? |
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The Internal Auditing Pocket Guide Preparing Performing Reporting And Follow Up
Authors: J.P. Russell
2nd Edition
1636941303, 978-1636941301
