Partnership interest after the distribution

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Reference no: EM13142303

Howard and Dick are equal partners in a partnership. The partnership has 450 shares of IBM stock (per share FMV = $100, Adjusted Basis = $10) and 820 shares of Xerox stock (per share FMV = $95, Adjusted Basis = $25). Howard's basis for his partnership interest is $9,300. The partnership distributes 400 shares of the IBM stock to Howard in a current distribution.

Compute the gain or loss Howard must recognize on the distribution?

Calculate Howard's basis in the stock he received in the distribution?

Calculate Howard's basis in his partnership interest after the distribution?

Reference no: EM13142303

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