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What must partner W include in taxable income

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Question - XYZ, an equal three-person partnership, has cash of $12,000 and securities of $15,000 (FMV) with an adjusted basis of $3,000 to the partnership. Assume Z sells her interest to W for $9,000. If the new partnership subsequently sells the securities at their FMV of $15,000, what must partner W include in taxable income if a Section 754 election is in effect?

$0

$4,000

$6,000

$12,000

Reference no: EM131932458

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