Find out tiffany basis in the land

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Reference no: EM13128215

When Tiffany's outside basis in the TMF Partnership is $120,000, the partnership distributes to her $30,000 in cash, an account receivable (FMV of $75,000 inside basis to the partnership of $0), and a parcel of land (FMV $150,000, inside basis to the partnership of $125,000). Tiffany remains a partner in the partnership, and the distribution is proportionate to the partners.

Determine Tiffany's basis in the land, accounts receivable and TMF partnership after the distribution.

Reference no: EM13128215

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