Business, 03.12.2021 22:10 Blaise2653

Jenny has a $71,400 basis in her 50 percent partnership interest in the JM Partnership before receiving any distributions. This year JM makes a proportionate operating distribution to Jenny of a parcel of land with an $103,000 fair value and a $84,000 basis to JM. The land is encumbered with a $40,000 mortgage (JM's only liability). What is Jenny's basis in the land and her remaining basis in JM after the distribution

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Jenny has a $71,400 basis in her 50 percent partnership interest in the JM Partnership before receiv...

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