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What is Pam remaining basis in her partnership interest

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Reference no: EM133008030

Question - Pam has a $27,000 basis (including her share of debt) in her 50 percent partnership interest in the Meddoc Partnership before receiving any distributions. This year Meddoc makes a current distribution to Pam of a parcel of land with a $40,000 fair market value and a $32,000 basis to the partnership. The land is encumbered with a $15,000 mortgage (the partnership's only liability). What is Pam's remaining basis in her partnership interest?

Reference no: EM133008030

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