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Galina-37 [17]
3 years ago
5

Perry Partnership distributed cash of $15,000 and a parcel of land in a liquidating distribution to Gupta, a partner. The land h

ad a fair market value of $50,000 and an inside basis of $52,000 at the time of the distribution. Gupta's outside basis in Perry just prior to the distribution was $70,000. What is Gupta's resulting basis in the land?
a. $50,000

b. $55,000

c. $53,000

d. $52,000
Business
1 answer:
Pani-rosa [81]3 years ago
4 0

Answer:

option (b) $55,000

Explanation:

Data provided in the question:

Cash distributed = $15,000

Fair market value of the land = $50,000

Inside basis at the time of the distribution = $52,000

Gupta's outside basis = $70,000

Now,

Gupta's Outside basis = Cash + Basis in land

or

$70,000 = $15,000 + Basis in land

or

Basis in land = $70,000 - $15,000

or

Basis in land = $55,000

Hence,

The answer is option (b) $55,000

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