Question: C is wrong Jenny has a $69,000 basis in her 50% partnership interest in the JM Partnership before receiving any distributions. This year JM makes

C is wrong Jenny has a $69,000 basis in her 50% partnership C is wrong

Jenny has a $69,000 basis in her 50% partnership interest in the JM Partnership before receiving any distributions. This year JM makes a proportionate current distribution to Jenny of a parcel of land with an $96,000 fair value and a $78, 800 basis to JM. The land is encumbered with a $37, 400 mortgage (JM's only liability). What is Jenny's basis in the land and her remaining basis in JM after the distribution? $78, 800 land basis, $8, 900 JM basis. $78, 800 land basis, $0 JM basis. $96,000 land basis, $8, 900 JM basis. $96,000 land basis, $0 JM basis

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