What is bryan gain and how much is recognized

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Question - Bryan has $150,000 basis in his partnership interest. The partnership distributes to him cash basis of $35,000, cash basis receivables with a basis of $0 and a FMV of $30,000 and there parcels of land: (parcel 1 basis $50,000- FMV $95,000) - (parcel 2 basis $60,000- FMV $45,000)- ( parcel 3 basis $40,000- FMV $35,000).

a. What is Bryan's gain and how much is recognized?

b. What is the land's substituted basis?

c. What is Bryan adjusted basis for each parcel of land?

Reference no: EM132073728

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