Tom is a partner in TXY partnership. His adjusted basis in the partnership is $30,000. During the

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Tom is a partner in TXY partnership. His adjusted basis in the partnership is $30,000. During the year, he receives the following distributions:

AB FMV

Cash $25,000 $25,000

Property $25,000 $50,000.

These are non-liquidating, proportionate, pro-rata distributions.

a. What gain, if any, must Tom recognize on these distributions?

b. What is Tom’s basis in the property?

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Tax Research

ISBN: 9780136015314

4th edition

Authors: Barbara H. Karlin

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Posted Date: Feb 08, 2022 05:45 AM

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Tom is a partner in TXY partnership. His adjusted basis in the partnership is $30,000. During the

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a In this problem the adjusted basis is 30000 When ... View the full answer

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