Business, 19.05.2021 18:30 roseemariehunter12

Partnership XYZ distributed a piece of land in a nonliquidating distribution to Bob, a 50% partner, during the current taxable year. The land had an adjusted basis of $50,000 and a FMV at the date of the distribution of $180,000. Bob has been a partner for 10 years. He had contributed the land to the partnership at formation when its FMV and basis were both equal. He has a basis in the partnership of $40,000 at year end, without taking into consideration the effects of the distribution. Calculate the following: 1. Partnership XYZ's recognized gain (loss)
2. Bob's taxable gain (income)
3. Bob's basis in the property
4. Bob's basis in the partnership

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Partnership XYZ distributed a piece of land in a nonliquidating distribution to Bob, a 50% partner,...

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