Proportionate nonliquidating distribution
Nicole receives ,000 cash and accounts receivable with a ,000 basis and a ,000 fair market value to the partnership. The partnership decides to liquidate, and after repaying all liabilities, distributes all remaining assets proportionately to the partners. ,45 Stephanie receives a proportionate nonliquidating distribution from the QRS Partnership. The distribution consists of ,000 cash and property with an adjusted basis to the partnership of ,000 and a fair market value of ,000.
,000 loss; 0,000 (land); ,000 (inventory). None of the distribution is for partnership goodwill.
,46 At the beginning of the year, Elsie’s basis in the E&G Partnership interest is ,000.
After the distribution, Megan’s bases in the land and inventory are, respectively: a. Immediately before the distribution, Andrew’s adjusted basis in the partnership interest was ,000.
,56 Beth has an outside basis of ,000 in the BBDE Partnership as of December 31 of the current year.
How much gain or loss does Landon recognize and what is his basis in the asset received?