Solution-Determine Swindler basis in each distributed asset

Determine Swindler basis in each distributed asset

Reference no: EM132752418

Question - The SLD Partnership distributes the following property to Swindler in a distribution that liquidates Swindler's interest in the partnership. Assume that no Sec. 754 election is in effect. Swindler's basis in his partnership interest before the distribution is $69,000. The adjusted bases and FMVs of the distributed property to the partnership before the distribution are as follows:

	Assets	Basis FMV
Cash	$5,000	$5,000
Inv.	16,000	18,000
Cap. Asset(1)	20,000	30,000
Cap. Asset(2)	40,000	35,000
Total	81,000	88,000

Required - Determine Swindler's basis in each distributed asset. Show computations for full credit.

Reference no: EM132752418

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Determine Swindler basis in each distributed asset

Reference no: EM132752418

Reference no: EM132752418

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