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What is amy basis in the land

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Question - Amy has an outside basis in HaHa Partnership of $520,000. The partnership distributes the following assets to Amy in a proportionate, non-liquidating distribution:

-Land (fair market value of $6000,000 and basis to the partnership of $240,000

-Cash of $100,000

-Accounts receivable (fair market value of $200,000 and basis of $0)

How much gain of loss will Canine Partnership recognize from this distribution?

What is Amy's basis in the land? What is Amy's basis in the accounts receivable?

What is Amy's outside basis in the partnership following the distribution?

Reference no: EM133001400

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