Brian is a 25% partner in the bc partnership. on january 1, bc distributes $20,000 cash and land with a $16,000 fair value (inside basis $8,000) to brian. bc has no liabilities at the date of the distribution. brian's basis in his bc partnership interest is $16,000. what is the amount and character of brian's gain or loss on the distribution?

The amount is $4,000 and Brain character reflects the capital gain.

Explanation:

Partnership: In partnership, there are two or more partners who are ready to share the profit or losses in their profit-loss sharing ratio.

The computation is shown below:

= Brain's basis - the inside basis

= $16,000 - ($20,000 - $8,000)

Since the brain basis show excess amount than inside basis which reflects the capital gain .

The inside basis is not relevant in the computation part. Hence, it is ignored.  

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