When Teri's outside basis in the TMF Partnership is $80,000, the partnership distributes to her $30,000 cash, an account receivable (fair market value of $60,000, inside basis to the partnership of $0), and a parcel of land (fair market value of $60,000, inside basis to the partnership of $80,000). Teri remains a partner in the partnership, and the distribution is proportionate to the partners. If an amount is zero, enter "0".
Complete the table below by using the format of Concept Summary 11.1 to calculate the effects of the distribution.
Note: If you use Excel to set up the table, designate the input area for the amounts on lines 1, 2, 5, and 8. Code the formulas shown in the Calculations section of the concept summary to calculate the amounts in the remaining lines. You will use "sum," "min," and "max"
TUTTICO Input Line 1 Partner's outside basis 80,000 Line 2 Step 1. Cash and deemed cash distributed 30,000 Line 5 Step 2. Partnership's basis in distributed hot assets Line 8 Step 3. Partnership's basis in other distributed property Proportionate Liquidating Distribution Calculations Line 1 Partner's outside basis Line 2 Step 1. Cash and deemed cash distributed Line 3 Gain recognized by partner Line 4 Partner's remaining outside basis Line 5 Step 2. Partnership's basis in distributed hot assets $i Line 6 Partner's basis in distributed hot assets Line 7 Partner's remaining outside basis Line 8 Step 3. Partnership's basis in other distributed property $ Line 9 Partner's basis in other distributed property $ Line 10 Partner's remaining outside basis