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What is ksts basis in the land kimberly contributed

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Question - Two years ago, Kimberly became a 30 percent partner in the KST Partnership with a contribution of investment land with a $16,000 basis and a $24,400 fair market value. On January 2 of this year, Kimberly has a $22,200 basis in her partnership interest and none of her pre-contribution gain has been recognized. On January 2 Kimberly receives an operating distribution of a tract of land (not the contributed land) with a $19,800 basis and an $28,200 fair market value

a. List the amount and character of Kimberly's recognized gain or loss on the distribution?

b. List Kimberly's remaining basis in KST after the distribution?

c. What is KST's basis in the land Kimberly contributed after Kimberly receives this distribution?

Reference no: EM133010398

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