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Multiple questions – November 1993
Items 55 and 56 are based on the following:
The adjusted basis of Jody's partnership interest was $50,000 immediately before Jody received a current
distribution of $20,000 cash and property with an adjusted basis to the partnership of $40,000 and a fair
market value of $35,000.
(CPAN93#55) What amount of taxable gain must Jody report as a result of this distribution?
(CPAN93#56) What is Jody's basis in the distributed property?
(CPAN93#57) The adjusted basis of Vance's partnership interest in Lex Associates was $180,000
immediately before receiving the following distribution in complete liquidation of Lex:
Basis to Lex
Fair market value
What is Vance's basis in the real estate?
(CPAN93#58) Cobb, Danver, and Evans each owned a one-third interest in the capital and profits of
their calendar-year partnership.
On September 18, 2001, Cobb and Danver sold their partnership interests
to Frank, and immediately withdrew from all participation in the partnership.
On March 15, 2002, Cobb