Harts adjusted basis of his interest in a partnership was $30,000. He received a no liquidating distribution

Question:

Hart’s adjusted basis of his interest in a partnership was $30,000. He received a no liquidating distribution of $24,000 cash plus a parcel of land with a l’air market value and partnership basis of $9,000. Hart’s basis for the land is:

a. $9,000

b. $6,000

c. $3,000

d. $0

Distribution
The word "distribution" has several meanings in the financial world, most of them pertaining to the payment of assets from a fund, account, or individual security to an investor or beneficiary. Retirement account distributions are among the most... Partnership
A legal form of business operation between two or more individuals who share management and profits. A Written agreement between two or more individuals who join as partners to form and carry on a for-profit business. Among other things, it states...

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