Business, 11.06.2020 20:57 croxy0514

Betty contributed land with a $6,000 basis and a $10,000 FMV to the ABC Partnership in Year 1. In Year 2, the land was distributed to Sally, another partner in the partnership. At the time of the distribution, the land had a $12,000 fair market value, and Sally had a $30,000 basis for her partnership interest. What gain is recognized by Betty on the distribution? What is Sally’s basis for the distributed land?

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Betty contributed land with a $6,000 basis and a $10,000 FMV to the ABC Partnership in Year 1. In Ye...

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