Business, 13.05.2021 18:20 littleprinces
Partnership XYZ distributed a piece of land in a nonliquidating distribution to Bob, a 50% partner, during the current taxable year. The land had an adjusted basis of $50,000 and a FMV at the date of the distribution of $180,000. Bob has been a partner for 10 years. He had contributed the land to the partnership at formation when its FMV and basis were both equal. He has a basis in the partnership of $40,000 at year end, without taking into consideration the effects of the distribution. Calculate the following:
a. Partnership XYZ's recognized gain (loss)
b. Bob's taxable gain (income)
c. Bob's basis in the property
d. Bob's basis in the partnership
Answers: 1
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Partnership XYZ distributed a piece of land in a nonliquidating distribution to Bob, a 50% partner,...
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