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Problem - The ABCD partnership has four partners.
Each partner's adjusted basis in the partnership interest owned by that partner was $100,000 on the first day of last year.
The partnership reported net income for last year of $80,000 (there were no separately stated items to take into account). The partnership distributed pro rata to each partner $30,000 in cash plus identical parcels of land that each had a fair market value of $25,000 and a basis to the partnership of $10,000. How much is includible in each partner's gross income for the year as the result of the distribution?
a. $80,000
b. $55,000
c. $30,000
d. $10,000
e. 0
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