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Tenika has a $10,000 basis in her interest in the TF Partnership and no remaining precontribution ...

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Tenika has a $10,000 basis in her interest in the TF Partnership and no remaining precontribution ...

Tenika has a $10,000 basis in her interest in the TF Partnership and no remaining precontribution gain immediately before receiving a current distribution that consisted of $4,000 in money, plastic tubes held in inventory with a $3,000 basis to the partnership and an FMV of $3,375, and drip irrigation pipe held as inventory with a $6,000 basis to the partnership and an FMV of $5,000. What is Tenika's basis for the plastic tubes and drip irrigation pipe?
A)
Plastic Tubes   Drip Pipe
3,375   $5,000

B)
Plastic Tubes   Drip Pipe
$3,000   $6,000

C)
Plastic Tubes   Drip Pipe
$3,000   $5,000

D)
Plastic Tubes   Drip Pipe
$2,250   $3,750

Textbook

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

Edition: 27^th

Authors: Anderson, Pope, Rupert

Read 87 times

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