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