Roberto has a basis of $6,000 in a partnership at the beginning of the year. He receives

Question:

Roberto has a basis of $6,000 in a at the beginning of the year. He receives $7,000 in cash distributions, his distributive share of income is $3,500, and he receives a land with a basis of $6,000 (FMV $12,000).
a. Is Roberto required to recognize any gain? If so, how much is the gain?
b. What is Roberto’s basis in the land?
c. What is Roberto’s ending basis in his interest? Distribution
The word "distribution" has several meanings in the financial world, most of them pertaining to the payment of assets from a fund, account, or individual security to an investor or beneficiary. Retirement account distributions are among the most... Partnership
A legal form of business operation between two or more individuals who share management and profits. A Written agreement between two or more individuals who join as partners to form and carry on a for-profit business. Among other things, it states...