What is Bryce basis in the distributed assets

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Problem - Bryce's basis in the Markit Partnership is $60,790. In a proportionate liquidating distribution, Bryce receives the following assets:

Tax Basis FMV

Cash $8,600 $8,600

Land A $20,900 $46,350

Land B $20,900 $26,200

Required - What is Bryce's basis in the distributed assets?

Reference no: EM132695000

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