What is rebecca basis in the office equipment

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Reference no: EM133320644

Case: When Rebecca's basis in her interest in the FSU Partnership is $40,000, she receives a current distribution of office equipment. The equipment has an FMV of $60,000 and a basis of $50,000. Rebecca will not use the office equipment in a business activity.
Question 1• Does Rebecca recognize a gain or loss on the current distribution?
.What is Rebecca's basis in the office equipment?
When does Rebecca's holding period begin for the property?
Question 2• Does any depreciation recapture carry over to Rebecca from the partnership?
- What is Rebecca's basis in her partnership interest following the distribution?

Reference no: EM133320644

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