partnership tax law 1
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Partner A received the following in a nonliquidating distribution:
Basis FMV
Cash $20,000 $20,000
Inventory Item 1 $15,000 $18,000
Inventory Item 2 $12,000 $4,000
Capital Asset 1 $15,000 $8,000
Capital Asset 2 $10,000 $20,000
$72,000 $70,000
Assume A’s basis in the partnership before the distribution was $35,000. What would the bases of the assets be to A?
he ABC partnership has the following balance sheets:
|
Basis |
FMV |
||
|
Land |
$30,000 |
$60,000 |
|
|
Liabilities |
$0 |
$0 |
|
|
A |
$10,000 |
$20,000 |
|
|
B |
$10,000 |
$20,000 |
|
|
C |
$10,000 |
$20,000 |
|
|
$30,000 |
$60,000 |
A sold his (1/3) interest to G for $20,000, with $15,000 payable this year and $5,000 next year. How much and what character of gain will A have to recognize in each of the two years?
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