Business, 06.05.2020 05:20 jalenrussell321

Pam has a $36,700 basis (including her share of debt) in her 50 percent partnership interest in the Meddoc Partnership before receiving any distributions. This year Meddoc makes a current distribution to Pam of a parcel of land with a $49,400 fair market value and a $40,500 basis to the partnership. The land is encumbered with a $18,400 mortgage (the partnership’s only liability)

What is the amount and character of Pam’s recognized gain or loss?
What is Pam’s basis in the land?
What is Pam’s remaining basis in her partnership interest?

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Pam has a $36,700 basis (including her share of debt) in her 50 percent partnership interest in the...

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