Question: use these steps to solve for this problem. Markell's basis in the Markit Partnership is $65,905. In a proportionate liquidating distribution, Markell receives the following

use these steps to solve for this problem. Markell's basis in the Markit Partnership is $65,905. In a proportionate liquidating distribution, Markell receives the following assets: Tax Basis FMVCash $ 9,700 $ 9,700Land A $ 22,550 $ 48,825Land B $ 22,550 $ 28,400b. What is Markell's basis in the distributed assets?

total tax basis = cash basis + land A basis + land B basis = $8,800 + $21,200 + $21,200 = $51,200 tax assigned between two lands = basis in partnership - total tax basis = $61,720 - $51,200 = $10,520 The formulas: A B C D 1 land A land B total 2 appreciation =46800-21200 =26600-21200 =sum(B2:C2) 3 allocation basis =10520*B2/D2 =10520*C2/D2 basis in distributed assets =21200+83 =21200+C3

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