Assume the same four independent distributions as in Problem C:10-23. Fill in the blanks in that problem assuming the only change in the facts is that the distributions are now liquidating distributions instead of nonliquidating distributions.

Data from C:10-23:

Transcribed Image Text:

Property's Property's Property's Basis to Partner's Basis Property Distributed Basis to Partnership and Gain/Loss FMV Partner a. Basis: Predistribution Postdistribution $ 6,000 4,000 $ 6,000 15,000 $. $20,000 $. Cash Land Gain or loss Machinery 2,000 $. 3,000 b. Basis: Predistribution Postdistribution Gain or loss $ 3,000 6,000 7,000 $ 3,000 4,000 $. 7,500 $ $20,000 $. Cash Land Inventory c. Basis Predistribution Postdistribution Gain or loss $26,000 Cash $35,000 6,000 18,000 $35,000 10,000 $. 18,000 $ Land-Parcel 1 Land-Parcel 2 d. Basis: Predistribution Postdistribution Gain or loss $ 4,000 6,000 4,000 $ 6,000 $. 10,000 $. 10,000 $. $28,000 $. $. Land-Parcel 1 Land-Parcel 2 Land-Parcel 3