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How much is Franco adjusted basis in the LLC interest

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Problem - Franco owns a 60% interest in the Dulera LLC. On December 31 of the current tax year, his basis in the LLC interest is $128,000. The fair market value of the interest is $140,000. In a proportionate current distribution, the LLC distributes $30,000 cash and equipment with an adjusted basis of $5,000 and a fair market value of $8,000 to him on that date.

Required - How much is Franco's adjusted basis in the LLC interest after the distribution, and what is the amount of his basis in the equipment received?

Reference no: EM132648279

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