Question: Markell's basis in the Markit Partnership is $ 5 8 , 4 6 5 . In a proportionate liquidating distribution, Markell receives the following assets:

Markell's basis in the Markit Partnership is $58,465. In a proportionate liquidating distribution, Markell receives the following assets:
Tax BasisFMVCash$ 8,100$ 8,100Land A$ 20,150$ 45,225Land B$ 20,150$ 25,200
b. What is Markell's basis in the distributed assets?

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