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Before receiving a liquidating distribution, Kathy's basis in her interest in the KLM Partnership ...

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Before receiving a liquidating distribution, Kathy's basis in her interest in the KLM Partnership ...

Before receiving a liquidating distribution, Kathy's basis in her interest in the KLM Partnership is $30,000. The distribution consists of $5,000 in money, inventory having a $1,000 basis to the partnership and a $2,000 FMV, and two parcels of undeveloped land (not held as inventory) having basis of $3,000 and $9,000 to the partnership with FMVs of $5,000 and $12,000, respectively. What is Kathy's basis in each parcel of land?
A)
Parcel One   Parcel Two
$5,000   $12,000

B)
Parcel One   Parcel Two
$3,000   $9,000

C)
Parcel One   Parcel Two
$7,059   $16,941

D)
Parcel One   Parcel Two
$6,000   $18,000

Textbook

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

Edition: 27^th

Authors: Anderson, Pope, Rupert

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