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calendar-year SJDV Partnership

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Suzy owns a 25% capital and profits interst in the calendar-year SJDV Partnership. Her adjusted basis for her partnership interest on July 1 of the current year is $200,000. On that date, she receives a proportionate nonliquidating current distribution of the following assets;Partnership's Basis in Asset;Cash $80,000;Inventory $130,000;Land $90,000;Asset's Fari Market Value;Cash $80,000;Inventory $150,000;Land $105,000;a. Calculate Suzy's recognized gain or loss on the distributions, if any.;b. Calculate Suzy's basis in the inventory received.;c. Calculate Suzy's basis in the land received. The land is a capital asset.;d. Calculate Suzy's basis for her partnership interest after the distribution.

 

Paper#26703 | Written in 18-Jul-2015

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