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help im confused b. What is the partnership's adjusted basis...

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Accounting

help im confused
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b. What is the partnership's adjusted basis for the property contributed by Jak? allocated between the partners? b. Calculate Nicole's basis in the inventory received. c. Calculate Nicole's basis in land received. The land is a capital asset. d. Calculate Nicole's basis for her partnership interest after the distribution. Taylor has a capital and profits interest in the calendar-year TUV Partnership. His adjusted basis for his partnership interest on September 1 of the current year is $200,000. On that date, the partnership liquidates and makes a proportionate distribution of the following assets to Taylor. a. Calculate Taylor's recognized gain or loss on the liquidating distribution, if any. b. How would your answer to a. change if the partnership also distributed a desk to Taylor? Assume the desk has a $1,000 adjusted basis (FMV is $1,500 ) to the partnership

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