How much is glenda basis in the noncash property

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Reference no: EM13128889

Glenda received a proportionate nonliquidating distribution from the EFG Partnership. The distribution consisted of $10,000 cash and property with an adjusted basis to the partnership of $34,000 and a fair market value of $42,000. Immediately before the distribution, Glenda's adjusted basis in her partnership interest was $60,000. How much is Glenda's basis in the noncash property distributed to her?

A.$10,000.
B.$34,000.
C.$42,000.
D.$50,000.

Reference no: EM13128889

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