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Nicoles basis was $120,000 in the NYP Partnership interest just before she received a proportionate...

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Accounting

Nicoles basis was $120,000 in the NYP Partnership interest just before she received a proportionate nonliquidating distribution consisting of land held for investment (basis of $100,000, fair market value of $130,000) and inventory (basis of $80,000, fair market value of $70,000). After the distribution, Nicoles bases in the land and inventory are, respectively:

Group of answer choices

a. $40,000 (land) and $80,000 (inventory).

b. $100,000 (land) and $20,000 (inventory).

c. $120,000 (land) and $0 (inventory).

d. $50,000 (land) and 70,000 (inventory).

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