Zach contributed land with a FMV of $25,000 and a basis of $14,000 to a partnership on April 5, 2010 On June 6, 2016, the partnership distributed the land to Art, a partner in the same partnership At distribution, the land had a FMV of $29,000 a What is the effect of the distribution to Zach, if an...

a FMV 25000 Basis 14000 Precontribution gain 11000 At the distributio ...

Zach contributed land with a FMV of $25,000 and a basis of $14,000 to a partnership on

Question:

Zach contributed land with a FMV of $25,000 and a basis of $14,000 to a on April 5, 2010. On June 6, 2016, the distributed the land to Art, a partner in the same At the land had a FMV of $29,000.
a. What is the effect of the to Zach, if any?
b. What is the effect of the to Art?
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...