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What is Gearty tax basis in the land received

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Reference no: EM132648500

Problem - Gearty's adjusted basis in Worthington Company, a partnership, was $18,000 at the time Gearty received the following proportionate nonliquidating distributions of partnership property:

Cash $6,000

Land

Adjusted basis 14,000

Fair market value 12,000

Inventory

Adjusted basis 7,000

Fair market value 10,000

Required - What is Gearty's tax basis in the land received from the partnership?

a. $0

b. $5,000

c. $12,000

d. $14,000

Reference no: EM132648500

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