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What is the basis of the property after the partner receives

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Q1. A partner in a partnership has a basis of $300,000 in her partnership interest. The partnership makes a non- liquidating distribution of the following to the partner.

Property

Basis

FMV

Cash

100,000

100,000

Unrealized Rec.

35,000

75,000

Equipment

400,000

500,000

a- How much gain do the partner and the partnership recognize on the distribution?

b- What is the basis of the property after the partner receives the distribution?

c- What is the basis in the partnership interest after the distribution?

Reference no: EM133046797

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