Requirement Complete the chart for each of the following independent distributions. Assume that all distributions are liquidating and pro rata to the partners, that no contributed property was distributed, that all precontribution gain has been recognized before these distributions, and that no Sec. 754 election is in effect. (Complete all answer boxes. Enter a "0" for any zero balances. Do not round any interim calculations, but then round all of your final answers that you enter into the tables below to the nearest whole dollar. Abbreviation used: FMV = fair market value.) a. Basis: Predistribution Postdistribution Gain or loss Partner's Basis and Gain/Loss $ Property Distributed 35,000 Cash Land Machinery Property's Basis to Partnership Property's FMV 12,000 $ 11,000 4,500 12,000 19,000 1,500 Property's Basis to Partner
Requirement Complete the chart for each of the following independent distributions. Assume that all distributions are liquidating and pro rata to the partners, that no contributed property was distributed, that all precontribution gain has been recognized before these distributions, and that no Sec. 754 election is in effect. (Complete all answer boxes. Enter a "0" for any zero balances. Do not round any interim calculations, but then round all of your final answers that you enter into the tables below to the nearest whole dollar. Abbreviation used: FMV = fair market value.) a. Basis: Predistribution Postdistribution Gain or loss Partner's Basis and Gain/Loss $ Property Distributed 35,000 Cash Land Machinery Property's Basis to Partnership Property's FMV 12,000 $ 11,000 4,500 12,000 19,000 1,500 Property's Basis to Partner
Chapter21: Partnerships
Section: Chapter Questions
Problem 65P
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