Amber has a tax basis of $67,000 in her partnership interest in Lightfoot Partnership, which consists of
Fantastic news! We've Found the answer you've been seeking!
Question:
Amber has a tax basis of $67,000 in her partnership interest in Lightfoot Partnership, which consists of her $27,000 net contribution to partnership capital and her $40,000 share of partnership debt. Amber receives a distribution of land (a capital asset) with a tax basis of $39,000 and a fair market value of $106,000 in complete liquidation of her partnership interest. The property is not encumbered by any of the partnership's liabilities. What is Amber's tax basis for the distributed property?
a. $27,000 b. $39,000 c. $67,000 d. $106,000
Related Book For
South Western Federal Taxation 2016 Corporations Partnerships Estates and Trusts
ISBN: 9781305399884
39th edition
Authors: James Boyd, William Hoffman, Raabe, David Maloney, Young
Posted Date: