Berdine has a basis of $203,000 in her partnership interest and receives land with an adjusted basis to the partnership of $487,200 in termination of her interest. Assume the partnership holds no ot assets and the entire payment is a 5 736(b) payment with the tax treatment determined under the proportionate liquidating distribution rules. a. What is Berdine's basis in the distributed land? b. If an optional 5 754 adjustment-to-basis election is in effect, by what amount does the partnership adjust the basis of its remaining property? if that adjustment is allocated to depreciable property, to whom does the partnership allocate the resulting depreciation deductions?

Berdine has a basis of $203,000 in her partnership interest and receives land with an adjusted basis to the partnership of $487,200 in termination of her interest. Assume the partnership holds no ot assets and the entire payment is a 5 736(b) payment with the tax treatment determined under the proportionate liquidating distribution rules. a. What is Berdine's basis in the distributed land? b. If an optional 5 754 adjustment-to-basis election is in effect, by what amount does the partnership adjust the basis of its remaining property? if that adjustment is allocated to depreciable property, to whom does the partnership allocate the resulting depreciation deductions?

SWFT Corp Partner Estates Trusts

42nd Edition

ISBN:9780357161548

Author:Raabe

Publisher:Raabe

Chapter11: Partnerships: Distributions, Transfer Of Interests, And Terminations

Section: Chapter Questions

Problem 23CE

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