Carlos has a basis in his partnership interest of $30,000. He receives a current distribution of $6,000
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Carlos has a basis in his partnership interest of $30,000. He receives a current distribution of $6,000 cash, unrealized receivables (FMV $11,000, basis $10,000), inventory (FMV $8,000, basis $4,000), land held as an investment (FMV $7,000, basis $6,000), and building (FMV $21,000, basis $9,000). The partners' relative interests in the Sec 751 assets do not change as a result of the current distribution. Carlos's basis in the building is?
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
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