Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. pablo has a $130,000 outside basis in his partners

Pablo has a $130,000 outside basis in his partnership interest (cash-basis partnership). This year, the...

60.1K

Verified Solution

Question

Accounting

Pablo has a $130,000 outside basis in his partnership interest (cash-basis partnership). This year, the partnership distributed the following to Pablo in a proportionate current distribution (land was purchased by the partnership):

  • Cash: $25,000
  • Unrealized receivables: FMV = $16,000; inside basis = $0
  • Land: FMV = $90,000; inside basis = $80,000

a) After the distribution, what is Pablo's basis in the land?

b) After the distribution, what is Pablo's basis in his partnership interest?

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Physics
1.2K views

Q 6 Moderate 1 01 55 A hydrogen like atom of atomic numbe Z is...

Medical Sciences
1.2K views

Describe the blood testis barrier: what it is made of? what does it separate? what it's...

Biology
1.2K views

S 10 s sacca Instructure com courses 2452285 quizzes 5493540 take Name This Phase of...

Biology
1.2K views

Malonyl-CoA is synthesized in the cytosol by the enzyme with Acetyl-CoA carboxylase. Write a balanced...

Calculus
1.2K views

Medical research indicates that the risk of having a car accident increases exponentially as the...

Algebra
1.2K views

The monthly demand function for a product sold by a monopoly is p = 1,896...

Accounting
1.2K views

Sheridan Corporation is considering purchasing a new delivery truck. The truck...

Accounting
1.2K views

By the end of 2017, Klein , a domestic corporation, had accumulated $10350000 in cash...

Accounting
1.2K views

How did the results of results benefit Information and Communication Technology (ICT)? be specific

Accounting
1.2K views

The Foreign Corrupt Practices Act (FCPA), enacted in 1977, allows...

Accounting
1.2K views

Bayas Corporation uses process costing. A number of transactions that occurred in June are listed...

Accounting
1.2K views

Bigham Corporation, an accrual basis calendar year taxpayer, sells its services under 12- and 24-month...