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Question - On November 1, 2014, Chris contributed a parcel of land to the Noton Partnership in exchange for a 50% share of the partnership's income and loss. The asset had a FMV of $100,000 and an adjusted basis of $10,000. Chris did not recognize a gain or loss at the time of the contribution because of Sec. 721.
On March 1, 2021, when Chris's basis in his partnership interest is $50,000, he proposes that a second parcel of land be distributed to him. This second parcel of land has a FMV of $80,000 and an adjusted basis of $15,000. If this second parcel is distributed to Ari on March 1, 2021,
Required -
1. What is partnership's basis in the land originally contributed by Chris in 2014?
2. What is Chris's basis in the new land acquired in the distribution?
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