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Business, 14.04.2020 19:47 crytongillbranion

Adnan had an adjusted basis of $11,000 for his interest in the Adnan and Donnell Partnership on December 31. On this date Adnan received from the partnership, in complete liquidation of his interest, $10,000 cash and land with a $2,000 basis to the partnership and a $3,000 FMV.
What is Adnan's basis for the land distributed to him?

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Adnan had an adjusted basis of $11,000 for his interest in the Adnan and Donnell Partnership on Dece...
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