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Jeff and John organized Tampa Corporation 18 years ago and have each owned 50% of the corporation since its inception. In the current year, Tampa reports ordinary income/ taxable income of $ 40,000. Assume the business does not qualify for the U. S. production activities deduction. On April 5, Tampa distributes $ 100,000 cash to Jeff and distributes land with a $ 100,000 FMV and a $70,000 adjusted basis to John. Tampa had purchased the land as an investment two years ago.
Problem 1: What are the tax implications to Tampa, Jeff, and John of the land distribution in the situation that follows?
Tampa was formed as a partnership and continues to operate in that form. On January 1 of the current year, Jeff's basis in his partnership interest is $ 100,000, and John's partnership basis is $ 80,000. The partnership has no liabilities and no unrecognized precontribution gains.
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