Recognized gain and loss on distributions

Reference no: EM13155031

Suzy owns a 25% capital and profits interst in the calendar-year SJDV Partnership. Her adjusted basis for her partnership interest on July 1 of the current year is $200,000. On that date, she receives a proportionate nonliquidating current distribution of the following assets:

Partnership's Basis in Asset

Cash $80,000

Inventory $130,000

Land $90,000

Asset's Fari Market Value

Cash $80,000

Inventory $150,000

Land $105,000

a. Calculate Suzy's recognized gain or loss on the distributions, if any.

b. Calculate Suzy's basis in the inventory received.

c. Calculate Suzy's basis in the land received. The land is a capital asset.

d. Calculate Suzy's basis for her partnership interest after the distribution.

Reference no: EM13155031

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