Haydens outside basis in his interest in high partnership

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Reference no: EM13370604

Hayden's outside basis in his interest in HIGH Partnership is $420,000. In a proportionate non - liquidating distribution, the partnership distributes to him cash of $100,000, inventory (fair market value of $90,000, basis to partnership of $60,000), and land (fair market value of $100,000, basis to partnership of $75,000). The partnership continues in existence.

A. Does partnership identify any gain or loss as a result of this distribution?

B. Does Hayden identify any gain or loss as a result of this distribution?

C. Evaluate Hayden's basis in the land, in the inventory, and in partnership interest immediately subsequent the distribution.

Reference no: EM13370604

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