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Shalnov [3]
3 years ago
15

Riley is a 50% partner in the RF Partnership and has an outside basis of $56,000 at the end of the year prior to any distributio

ns. On December 31, Riley receives a proportionate operating distribution of $6,000 cash and a parcel of land with a $14,000 fair value and an $8,000 basis to RF. What is the amount and character of Riley's recognized gain or loss and what is his basis in his partnership interest?
Business
1 answer:
Anvisha [2.4K]3 years ago
4 0

Answer:

partnership interest $42000 basis

Explanation:

given data

outside basis = $56000

operating distribution = $6000

fair value = $14000

basis to RF = $8000

to find out

partnership interest

solution

we will find  partnership interest by given formula that is

partnership interest = outside basis - operating distribution - basis to RF

put here all these value

partnership interest = outside basis - operating distribution - basis to RF

partnership interest = 56000 - 6000 - 8000

partnership interest = $42000

so here partnership interest $42000 basis

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