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When Teri's outside basis in the TMF Partnership is $$80,000,$ the partnership distributes to her $$30,000$ cash, an account receivable $($fair market value of $$60,000,$ inside basis to the partnership of $$0),$ and a parcel of land $($fair market value of $$60,000,$ inside basis to the partnership of $$80,000).$ Teri remains a partner in the partnership, and the distribution is proportionate to the partners.

If an amount is zero, enter $"0".$

Question Content Area

a$.$ Complete the table below by using the format of Concept Summary $11\mathrm{.}2$ to calculate the effects of the distribution.

Note: If you use Excel to set up the table, designate the input area for the amounts on lines $1,2,5,$ and $8.$ Code the formulas shown in the Calculations section of the concept summary to calculate the amounts in the remaining lines. You will use "sum," "min," and "max" formulas.

Input

Line $1$ Partner's outside basis $fill in the blank $00013$d$0$dcf$9$bf$85\_1$

Line $2$ Step $1.$ Cash and deemed cash distributed $fill in the blank $00013$d$0$dcf$9$bf$85\_2$

Line $5$ Step $2.$ Partnership's basis in distributed hot assets $fill in the blank $00013$d$0$dcf$9$bf$85\_3$

Line $8$ Step $3.$ Partnership's basis in other distributed property $fill in the blank $00013$d$0$dcf$9$bf$85\_4$

Proportionate Liquidating Distribution Calculations

Line $1$ Partner's outside basis $fill in the blank $00013$d$0$dcf$9$bf$85\_5$

Line $2$ Step $1.$ Cash and deemed cash distributed $fill in the blank $00013$d$0$dcf$9$bf$85\_6$

Line $3$ Gain recognized by partner $fill in the blank $00013$d$0$dcf$9$bf$85\_7$

Line $4$ Partner's remaining outside basis $fill in the blank $00013$d$0$dcf$9$bf$85\_8$

Line $5$ Step $2.$ Partnership's basis in distributed hot assets $fill in the blank $00013$d$0$dcf$9$bf$85\_9$

Line $6$ Partner's basis in distributed hot assets $fill in the blank $00013$d$0$dcf$9$bf$85\_10$

Line $7$ Partner's remaining outside basis $fill in the blank $00013$d$0$dcf$9$bf$85\_11$

Line $8$ Step $3.$ Partnership's basis in other distributed property $fill in the blank $00013$d$0$dcf$9$bf$85\_12$

Line $9$ Partner's basis in other distributed property $fill in the blank $00013$d$0$dcf$9$bf$85\_13$

Line $10$ Partner's remaining outside basis $fill in the blank $00013$d$0$dcf$9$bf$85\_14$

Question Content Area

b$.$ How much gain or loss will Teri recognize as a result of the distribution?

Teri recognizes

on the distribution.

Question Content Area

c$.$ How much is Teri's basis in the land, account receivable, and TMF Partnership after the distribution?

Land $fill in the blank $1$af$5$d$501$bf$8$e$013\_1$

Accounts receivable $fill in the blank $1$af$5$d$501$bf$8$e$013\_2$

Partnership $fill in the blank $1$af$5$d$501$bf$8$e$013\_3$

What can you conclude regarding Teri's basis in the assets and the fair market value she received?

The distribution results

on these assets.

Question Content Area

d$.$ How would your answer to part $($c$)$ change if$,$ instead, the partnership's basis in the land was $$10,000$ and its fair market value was $$30,000($and the cash and unrealized receivable distributions do not change$)?$

Land $fill in the blank $03$ee$33086$fbff$9$b$\_1$

Accounts receivable $fill in the blank $03$ee$33086$fbff$9$b$\_2$

Partnership

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