Basis in liquidating distributions of a partnership
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I have:
Cash Basis 8000 FMV 8000
Land A Basis 20000 FMV 45000
Land B Basis 20000 FMV 25000
In a proportionate liquidating distribution, my basis in the partnership is 58000.
What should my basis in the distributed assets be for
Land A
Land B
Please show work.
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Solution Summary
This solution illustrates how to compute a partner's basis in the assets he or she receives in a partnership's liquidation.
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