Business, 23.04.2020 03:24 texas101st78
Petra's basis was $50,000 in the PAM Partnership interest just before she received a proportionate nonliquidating distribution consisting of land held for investment (basis of $40,000, fair market value of $60,000) and inventory (basis of $40,000, fair market value of $40,000). After the distribution, Petra's bases in the land and inventory, respectively, are:a.$40,000 and $0.
b.$10,000 and $40,000.
c.$25,000 and $25,000.d.$40,000 and $10,000.
e.$40,000 and $40,000.
Answers: 1
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Petra's basis was $50,000 in the PAM Partnership interest just before she received a proportionate n...
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