At the end of the first year, the partnership distributes $50,000 cash to Ben. No distribution is
Question:
At the end of the first year, the partnership distributes $50,000 cash to Ben. No distribution is made to Beth.
a. How does Ben treat the payment?
b. How much income or gain would Ben recognize as a result of the payment?
c. Under general tax rules, what basis would the partnership take in the land Ben contributed?
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Related Book For 
South Western Federal Taxation 2011 Taxation Of Business Entities
ISBN: 9780538498616
14th Edition
Authors: James E. Smith, William A. Raabe, David M. Maloney
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