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Toby has a $10,000 basis in her interest in the TF Partnership before receiving a liquidating distribution that consisted of the following assets: Asset Basis

Toby has a $10,000 basis in her interest in the TF Partnership before receiving a liquidating distribution that consisted of the following assets:

Asset Basis FMV
Cash $4,000 $4,000
plastic tubes held in inventory $3,000 $5,000
drip irrigation pipe held as inventory $6,000 $7,000
land held as an investment $6,000 $2,000

Use the dropdowns below to indicate Toby's basis for each asset.

Cash: [ Select ] ["$4,000", "$3,000", "$8,000", "None of these"]

Plastic Tube: [ Select ] ["$1,750", "$2,000", "$1,637", "None of these"]

Drip Pipe: [ Select ] ["$4,250", "$4,000", "$3,273", "None of these"]

Land: [ Select ] ["$0", "$4,000", "$1,090", "None of these"]

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