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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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