Multiple Choice
Mariana is a partner in the Benson Partnership. At the close of the current year, Mariana's basis in the partnership is $23,000. At that time, the partnership distributes cash of $6,000 and property with a basis of $4,000 and a fair market value of $7,000 to each partner. What amount must Mariana report as income from the distribution in the current year?
A) $- 0 -
B) $4,000
C) $6,000
D) $10,000
E) $13,000
Correct Answer:
Verified
Correct Answer:
Verified
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