Partnership F’s sole assets are parcels of land which are capital assets to it, none of which have been contributed by the partners. Partner Hal has an outside adjusted basis in the partnership of $75,000. Hal receives non liquidating distribution of a parcel of land worth $40,000. The partnership’s adjusted basis in the land was $15,000.

What is Hal’s basis in the land immediately after the distribution?

What is Hal’s adjusted basis in the partnership immediately after the distribution?

Would the answers to the previous two questions change (and if so how) if the partnership's basis in the land were $78,000?

Answer rating: 100% (QA)

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