Answer:
Tyson's basis in the distributed inventory = $8,000 and land = $12,000
Explanation:
Total basis value of assets received by Tyson = Cash + Inventory + Land
= $16,000 + $8,000 + $12,000 = $36,000
For this Tyson's basis of interest in partnership = $24,000
Thus Tyson's Basis in Inventory = $8,000
Tyson's basis for Land = $12,000
Note: the basis is book value and not the market value even in case it is less than book value.
Tyson's basis in the distributed inventory = $8,000 and land = $12,000
