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Atiqa Receives a Nonliquidating Distribution of Land from Her Partnership

Question 123

Multiple Choice

Atiqa receives a nonliquidating distribution of land from her partnership. The partnership purchased the land five years ago for $20,000. At the time of the distribution, it is worth $28,000. Prior to the distribution, Atiqa's basis in her partnership interest is $37,000. Atiqa's basis in the distributed land and her post-distribution basis in her partnership interest are:


A) Atiqa receives a nonliquidating distribution of land from her partnership. The partnership purchased the land five years ago for $20,000. At the time of the distribution, it is worth $28,000. Prior to the distribution, Atiqa's basis in her partnership interest is $37,000. Atiqa's basis in the distributed land and her post-distribution basis in her partnership interest are: A) B) C) D)
B) Atiqa receives a nonliquidating distribution of land from her partnership. The partnership purchased the land five years ago for $20,000. At the time of the distribution, it is worth $28,000. Prior to the distribution, Atiqa's basis in her partnership interest is $37,000. Atiqa's basis in the distributed land and her post-distribution basis in her partnership interest are: A) B) C) D)
C) Atiqa receives a nonliquidating distribution of land from her partnership. The partnership purchased the land five years ago for $20,000. At the time of the distribution, it is worth $28,000. Prior to the distribution, Atiqa's basis in her partnership interest is $37,000. Atiqa's basis in the distributed land and her post-distribution basis in her partnership interest are: A) B) C) D)
D) Atiqa receives a nonliquidating distribution of land from her partnership. The partnership purchased the land five years ago for $20,000. At the time of the distribution, it is worth $28,000. Prior to the distribution, Atiqa's basis in her partnership interest is $37,000. Atiqa's basis in the distributed land and her post-distribution basis in her partnership interest are: A) B) C) D)

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