with a $75,0o0 basis and FMV of $110,000 to the MM 2. Marina contributed propert
ID: 2601262 • Letter: W
Question
with a $75,0o0 basis and FMV of $110,000 to the MM 2. Marina contributed property or a 30% interest in partnership capital and profits. During the fra rations, MM had net taxable income of $60,000 and tax-ex year of .000 cash to Marina. Her share of partnership recourse Viabilities on day of the partnership year was $30,000. Marina's adjusted basis (her outside basis) for her partnersh interest at year-end is: a. $86,000 b. $4,000 c. $34,000 d. $22,000. e. None of the above. 22 Sam and Jack formed a partnership. Sam received 50% interest in partnership capital and for contributing land with a basis of $80,000 and FMV of $210,000. Jack received a profits in exchange 50% interest in partnership capital and profits in exchange for contributing $210,000 of cash. Three ears after the contribution date, the land contributed by Sam is sold by partnership to a third party for $280,000. How much taxable gain will Sam recognize from the sale? A. $130,000 B. 5165,000 C. $200,000 D. $75,000 E. None of the above 23. Sarah received a proportionate nonliquidating distribution from Orange Partnership. The distribution consisted of $20,000 cash and property with an adjusted basis to the partnership of $80,000 and FMV of $120,000. Immediately before the distribution, Sarah's adjusted basits interest is $65,000. Sarah's basis in the noncash property received is: A. $55,000 8. $80,000 C$45,000 D. $100,000 E. None of the above for her partnershipExplanation / Answer
21) Marina's adjusted basis for her partnership interest at the year end is:- $ 22000
22) Taxable gain that Sam will recognise from the sale is $ 110000 (280000-210000 + 50% of 80000)
23) Sarah's basis in the non cash property received is:- $55000( 120000-65000).
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