Question
Tom is a partner in TXY partnership.His adjusted basis in the partnership is $30,000.During the year, he receives the following distributions: ABFMV Cash$25,000$25,000 Property$25,000$50,000. These
Tom is a partner in TXY partnership.His adjusted basis in the partnership is $30,000.During the year, he receives the following distributions:
ABFMV
Cash$25,000$25,000
Property$25,000$50,000.
These are non-liquidating, proportionate, pro-rata distributions.
a. What gain, if any, must Tom recognize on these distributions?
b. What is Tom's basis in the property?
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Microsoft Excel For Accounting The First Course
Authors: L Murphy Smith, Katherine Smith
1st Edition
0130085529, 978-0130085528
