Business, 17.07.2020 21:01 issagirl05

Jenny has a $55,600 basis in her 50 percent partnership interest in the JM Partnership before receiving any distributions. This year JM makes a proportionate operating distribution to Jenny of a parcel of land with an $82,000 fair value and a $62,400 basis to JM. The land is encumbered with a $29,200 mortgage (JM's only liability). What is Jenny's basis in the land and her remaining basis in JM after the distribution

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