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Calculate Gil basis in the land

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Problem - Gil's outside basis in his interest in the GO Partnership is $100,000. In a proportionate current distribution, the partnership distributes to him cash of $30,000, inventory (fair market value of $40,000, basis to the partnership of $20,000), and land (fair market value of $90,000, basis to the partnership of $40,000). The partnership continues in existence.

Required -

a. Does the partnership recognize any gain or loss as a result of this distribution? Explain.

b. Does Gil recognize any gain or loss as a result of this distribution? Explain.

c. Calculate Gil's basis in the land, in the inventory, and in his partnership interest immediately following the distribution.

Reference no: EM132648356

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