Pam has a $25,900 basis (including her share of debt) in her 50 percent partnership interest...

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Pam has a $25,900 basis (including her share of debt) in her 50 percent partnership interest in the Meddoc Partnership before receiving any distributions. This year Meddoc makes a current distribution to Pam of a parcel of land with a $42,400 fair market value and a $31,900 basis to the partnership. The land is encumbered with a $14,400 mortgage (the partnership's only liability). b. What is Pam's basis in the land? Basis c. What is Pam's remaining basis in her partnership interest? Basis Pam has a $25,900 basis (including her share of debt) in her 50 percent partnership interest in the Meddoc Partnership before receiving any distributions. This year Meddoc makes a current distribution to Pam of a parcel of land with a $42,400 fair market value and a $31,900 basis to the partnership. The land is encumbered with a $14,400 mortgage (the partnership's only liability). b. What is Pam's basis in the land? Basis c. What is Pam's remaining basis in her partnership interest? Basis

Answer rating: 100% (QA)

Explanation b Pams basis in the land is 31... View the full answer