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Three years ago, Frank joined the FG Partnership by contributing land with a $11,000 basis and a $24,000 FMV.

/in /by

Three years​ ago, Frank joined the FG Partnership by contributing land with a $11,000 basis and a $24,000 FMV. On January 15 of the current​ year, Frank has a basis in his partnership interest of $15,000​,

and none of his precontribution gain has been recognized. On January​ 15, Frank receives a current distribution of a property other than the contributed land with a $20,000 basis and a $23,000 FMV.

a.    Does Frank recognize any gain or loss on the​ distribution?

b.    What is Frank​’s basis in his partnership interest after the​ distribution?

c.    What is the​ partnership’s basis in the land Frank contributed after Frank receives this​ distribution?

 
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