Amy is a partner in Xiowa Partners. Her basis in the partnership interest is $69

Question

Amy is a partner in Xiowa Partners. Her basis in the partnership interest is $69,000. In a non-liquidating distribution, Amy receives three properties. Prop 1 fmv is $20,000, and had a tax basis of $30,000. Prop 2 fmv is $18,000 and had basis of $23,000. Prop 3 fmv is $32,000 and basis of $22,000. All three properties are capital assets.

a). Will Amy recognize any taxable gain or loss on receipt of the non-liquidating distribution?

b). What basis will Amy take in properties 1,2, & 3?

c). What will be Amy's remaining tax basis in her partnership interest?

Explanation / Answer

ANSWER

yes the Amy recognize any taxable gain or loss on receipt of the non-liquidating distribution

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