Question
Two years ago, Kimberly became a 30 percent partner in the KST Partnership with a contribution of investment land with a $10,750 basis and
Two years ago, Kimberly became a 30 percent partner in the KST Partnership with a contribution of investment land with a $10,750 basis and a $17,050 fair market value. On January 2 of this year, Kimberly has a $15,900 basis in her partnership interest, and none of her pre-contribution gain has been recognized. On January 2 Kimberly receives an operating distribution of a tract of land (not the contributed land) with a $12,975 basis and an $19,275 fair market value. b. What is Kimberly's remaining basis in KST after the distribution? Basis c. What is KST's basis in the land Kimberly contributed after Kimberly receives this distribution? Basis
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Taxation For Decision Makers 2014
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