When Teri's outside basis in the TMF Partnership is $80,000, the partnership distributes to her $30,000 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 11.1 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 $_____?