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Question - On November 1, 2014, Chris contributed a parcel of land to the Noton Partnership in exchange for a 50% share of the partnership's income and loss. The asset had a FMV of $100,000 and an adjusted basis of $10,000. Chris did not recognize a gain or loss at the time of the contribution because of Sec. 721.
On March 1, 2021, when Chris's basis in his partnership interest is $50,000, he proposes that a second parcel of land be distributed to him. This second parcel of land has a FMV of $80,000 and an adjusted basis of $15,000. If this second parcel is distributed to Ari on March 1, 2021,
How much gain or loss (if any) must be recognized by Chris on the distribution of this parcel of land?
What is Chris's outside basis in the partnership after this distribution?
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