Barbara receives a current distribution consisting of $2,000 cash plus other property with an adjusted basis to the partnership of $2,300 and a fair market value on the date of the distribution of $7,000. barbara has a 10 percent interest in the partnership and her basis in her partnership interest, immediately prior to the distribution, is $5,000. what is barbara's basis in the noncash property received in the current distribution?

John and sue smith are a married couple who file a joint income tax return. they have two children, so they claim a total of 4 exemptions (based on calendar year 2015 tax law, a personal exemption of $4,000 per person or dependent can be deducted from total income). in addition, they have legitimate itemized deductions totaling $25,750. their total income from wages is $237,500. what is the couple’s taxable income? $195,750 $221,500 $229,500 $205,750