Marvel has an adjusted basis in a partnership interest of $24,000 before receiving a current distribution of $4,000 cash, inventory with an adjusted basis of $6,000and a FMV of $9,000, and land with a FMV of $7,000 and an adjusted basis of $8,000. Section 751 does not apply. What is Marvel's basis in the partnership interest after the distribution?

Answer rating: 100% (QA)

Answer Using the cost basis and adjusted basis of inventory and land respec... View the full answer