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safezone safezone
wrote...
Posts: 782
7 years ago
Mirabelle contributed land with a $5,000 basis and a $9,000 FMV to MS Partnership four years ago. This year the land is distributed to Sergio, another partner in the partnership. At the time of distribution, the land had a $12,000 FMV. How much gain should Mirabelle and Sergio recognize?
A)
Mirabelle   Sergio
0   0
   
B)
Mirabelle   Sergio
$4,000   0

C)
Mirabelle   Sergio
$4,000   $3,000

D)
Mirabelle   Sergio
$5,500   $1,500
Textbook 
Prentice Hall's Federal Taxation 2014 Corporations, Partnerships, Estates & Trusts

Prentice Hall's Federal Taxation 2014 Corporations, Partnerships, Estates & Trusts


Edition: 27th
Authors:
Read 167 times
1 Reply
That's not philosophy, it's geometry
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Answer verified by a subject expert
RimounRimoun
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Posts: 558
7 years ago
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safezone Author
wrote...

7 years ago
this is exactly what I needed
wrote...

Yesterday
Thanks for your help!!
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2 hours ago
Helped a lot
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