Berdine has a basis of $123,000 in her partnership interest and receives land with an adjusted basis to the partnership of $295,200 in termination of her interest. The partnership holds no hot assets.
a. Under the proportionate liquidating distribution rules, what is Berdine's basis in the distributed land?
b. If an optional § 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?
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