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What is the basis of the land to Lomax

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Reference no: EM132975811

Problem - Lomax has a $48,000 basis in his partnership interest. On October 10 of the current tax year the partnership distributes to him cash of $12,000, cash basis receivables with an inside basis of $0 and a fair market value of $10,000, and a parcel of land with a basis and fair market value to the partnership of $60,000.

1. What amount of gain, if any, Lomax (a) realize; (b) recognize and (c).

2. What is the basis of the land to Lomax?

3. What is the basis of her partnership interest? SHOW YOUR COMPUTATIONS.

Reference no: EM132975811

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