Question: Jenny has a $ 5 4 , 0 0 0 basis in her 5 0 percent partnership interest in the JM Partnership before receiving any

Jenny has a $

54, 000

basis in her

50

percent partnership interest in the JM Partnership before receiving any distributions. This year JM makes a proportionate operating distribution to Jenny of a parcel of land with an $

80, 000

fair value and a $

64, 000

basis to JM

.

The land is encumbered with a $

30, 000

mortgage

(

'

s only liability

) .

What is Jenny's basis in the land and her remaining basis in JM after the distribution?

in the JM Partnership before receiving any distributions. This year JM makes

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