Nathan's Basis for His Interest in the Nabors Partnership Was

Multiple Choice

Nathan's basis for his interest in the Nabors Partnership was $24,000.In complete liquidation of his interest, Nathan received cash of $4,000 and investment land having a fair market value of $40,000.Nabors Partnership's adjusted basis for this land was $15,000.Nathan's basis for this land is:

A) $9,000
B) $15,000
C) $16,999
D) $20,000