When Teri's outside basis in the TMF Partnership is $80,000, the partnership distributes to her $30,000 of cash, an account receivable (fair market value of $60,000, inside basis to the partnership of $0), and a parcel of land (fair market value of $60,000, inside basis to the partnership of $80,000) Teri remains a partner in the partnership, and the distribution is proportionate to the partners If an amount is zero, enter 0 a Complete the table below by using the format of Concept Summary 21 4 to calculate the effects of the distribution Note If you use Excel to set up the table, designate the input area for the amounts on lines 1, 2, 5, and 8 Code the formulas shown in the Calculations section of the concept summary to calculate the amounts in the remaining lines You will use sum, min, and max formulas Input Line 1 Partner's outside basis $ Line 2 Step 1 Cash and deemed cash distributed $ Line 5 Step 2 Partnership's basis in distributed hot assets $ Line 8 Step 3 Partnership's basis in other distributed property $ Proportionate Liquidating Distribution Calculations Line 1 Partner's outside basis $ Line 2 Step 1 Cash and deemed cash distributed $ Line 3 Gain recognized by partner $ Line 4 Partner's remaining outside basis $ Line 5 Step 2 Partnership's basis in distributed hot assets $ Line 6 Partner's basis in distributed hot assets $ Line 7 Partner's remaining outside basis $ Line 8 Step 3 Partnership's basis in other distributed property $ Line 9 Partner's basis in other distributed property $ Line 10 Partner's remaining outside basis $ b How much gain or loss will Teri recognize as a result of the distribution Teri recognizes on the distribution c How much is Teri's basis in the land, account receivable, and TMF Partnership after the distribution Land $ Accounts receivable $ Partnership $ What can you conclude regarding Teri's basis in the assets and the fair market value she received The distribution results on these assets d How would your answer to part (c) change if, instead, the partnership's basis in the land was $10,000 and its fair market value was $30,000 (and the cash and unrealized receivable distributions do not change) Land $ Accounts receivable $ Partnership $

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When Teri's outside basis in the TMF Partnership is $80,000, the partnership distributes to her $30,000 of cash, an account receivable (fair market value of

When Teri's outside basis in the TMF Partnership is $80,000, the partnership distributes to her $30,000 of cash, an account receivable (fair market value of $60,000, inside basis to the partnership of $0), and a parcel of land (fair market value of $60,000, inside basis to the partnership of $80,000). Teri remains a partner in the partnership, and the distribution is proportionate to the partners.

If an amount is zero, enter "0".

a. Complete the table below by using the format of Concept Summary 21.4 to calculate the effects of the distribution.

Note: If you use Excel to set up the table, designate the input area for the amounts on lines 1, 2, 5, and 8. Code the formulas shown in the Calculations section of the concept summary to calculate the amounts in the remaining lines. You will use "sum," "min," and "max" formulas.

Input
	Line 1	Partner's outside basis	$
	Line 2	Step 1. Cash and deemed cash distributed	$
	Line 5	Step 2. Partnership's basis in distributed hot assets	$
	Line 8	Step 3. Partnership's basis in other distributed property	$
Proportionate Liquidating Distribution Calculations
	Line 1	Partner's outside basis	$
	Line 2	Step 1. Cash and deemed cash distributed	$
	Line 3	Gain recognized by partner	$
	Line 4	Partner's remaining outside basis	$
	Line 5	Step 2. Partnership's basis in distributed hot assets	$
	Line 6	Partner's basis in distributed hot assets	$
	Line 7	Partner's remaining outside basis	$
	Line 8	Step 3. Partnership's basis in other distributed property	$
	Line 9	Partner's basis in other distributed property	$
	Line 10	Partner's remaining outside basis	$

b. How much gain or loss will Teri recognize as a result of the distribution? Teri recognizes on the distribution.

c. How much is Teri's basis in the land, account receivable, and TMF Partnership after the distribution?

Land	$
Accounts receivable	$
Partnership	$

What can you conclude regarding Teri's basis in the assets and the fair market value she received? The distribution results on these assets.

d. How would your answer to part (c) change if, instead, the partnership's basis in the land was $10,000 and its fair market value was $30,000 (and the cash and unrealized receivable distributions do not change)?