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Sam and Barbara form an equal partnership. Sam makes a cashcontribution of $60,000 and a contribution of property with anadjusted basis to him of $120,000 and a fair market value of$130,000 in exchange for his interest in the partnership. Barbaracontributes property with an adjusted basis to her of $11,000 and afair market value of $250,000 in exchange for her partnershipinterest. What is Sam and Barbara’s basis in the newpartnership?

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Keith Leannon
Keith LeannonLv2
28 Sep 2019

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Sam, Sue, and Shelley formed a partnership. Sam received a 50 percent interest in the partnership in exchange for land with an adjusted basis to him of $30,000 and a fair market value of $50,000. Sue received a 25 percent interest in the partnership in exchange for $25,000 of cash. Shelley received a 25 percent interest in the partnership in exchange for $25,000 of cash. Six years after the date of contribution, the land contributed by Sam was sold by the partnership to an unrelated third party for $90,000. How much gain was required to be allocated to Sam as a result of the sale by the partnership?

a. $20,000

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Dolly receives a proportionate, nonliquidating distribution fromthe Melon Partnership. The distribution consists of $40,000 cashand property with an adjusted basis to the partnership of $140,000and a fair market value of $170,000. Immediately before thedistribution, Dolly's adjusted basis for her partnership interestis $160,000. Dolly's basis in the noncash property received is:Select one:

a. $170,000.

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c. $140,000.

d. $ 40,000.

Glenda received a proportionate nonliquidating distribution from the EFG Partnership. The distribution consisted of $10,000 cash and property with an adjusted basis to the partnership of $34,000 and a fair market value of $42,000. Immediately before the distribution, Glenda’s adjusted basis in her partnership interest was $60,000. How much is Glenda’s basis in the noncash property distributed to her?

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d. $50,000

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