Reference no: EM132618552
Question - Tyson is a 25 percent partner in the KT Partnership. On January 1, KT makes a proportionate distribution of $16,000 cash, inventory with a $10,000 fair value (inside basis $4,000), land A with a fair value of $8,000 (inside basis of $12,000), and land B with a fair value of $6,000 (inside basis of $4,000) to Tyson. KT has no liabilities at the date of the distribution. Tyson's basis in his KT Partnership interest is $23,000. What is Tyson's basis in the distributed inventory, land A, and land B?
a. $10,000 inventory, $8,000 land A, $6,000 land B.
b. $4,000 inventory, $12,000 land A, $4,000 land B.
c. $0 inventory, $2,857 land A, $143 land B.
d. $4,000 inventory, $2,000 land A, $1,000 land B.
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