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Question - BLC Partnership makes a proportionate distribution of its assets to Blake in complete liquidation of his partnership interest. At that time, Blake's basis in his partnership interest is $160,000 and the partnership has no liabilities and no hot assets. The distribution consists of $100,000 in cash and capital assets with a basis to the partnership of $15,000 and a fair market value of $70,000. Assume that the entire payment is a § 736(b) payment with the same result as under the normal liquidating distribution rules and that none of the payment is for partnership goodwill. If the partnership made an optional basis adjustment election in a prior tax year, what is the adjustment amount for the current year?
a) Increase the basis of remaining assets by $55,000.
b) Decrease the basis of remaining assets by $10,000.
c) Increase the basis of remaining assets by $45,000.
d) Decrease the basis of remaining assets by $45,000.
e) BLC is not required to make an adjustment in the current year.
Land is purchased for $62,500. Back taxes paid by the purchaser were $7,500; total costs to demolish an existing building. What is the cost of the land?
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