Business, 13.12.2019 02:31 MoltenSansriel1933
Pam has a $34,500 basis (including her share of debt) in her 50 percent partnership interest in the meddoc partnership before receiving any distributions. this year meddoc makes a current distribution to pam of a parcel of land with a $55,400 fair market value and a $40,600 basis to the partnership. the land is encumbered with a $20,300 mortgage (the partnership’s only liability).
a. what is the amount and character of pam's recognized gain or loss?
b. what is pam's baisis in the land?
c. what is pam's remaining basis in her partnership interest?
Answers: 2
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Pam has a $34,500 basis (including her share of debt) in her 50 percent partnership interest in the...
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