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Calculate karli basis in the inventory received

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Reference no: EM133043804

Problem - Karli owns a 25% capital and profits interest in the calendar-year KJDV Partnership. Her adjusted basis for her partnership interest on July 1 of the current year is $200,000. On that date, she receives a proportionate current (non-liquidating) distribution of the following assets.

 

Partnership's Basis

FMV

Cash

$150,000

$150,000

Inventory

30,000

60,000

Land (held for investment)

70,000

100,000

Required -

a. Calculate Karli's recognized gain or loss on the distribution, if any.

b. Calculate Karli's basis in the inventory received.

c. Calculate Karli's basis in land received. The land is a capital asset.

d. Calculate Karli's basis for her partnership interest after the distribution.

Reference no: EM133043804

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