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1. Jay contributes property with a fair market value of $33,200 and an adjusted basis...

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Accounting

1. Jay contributes property with a fair market value of $33,200 and an adjusted basis of $9,960 to a partnership in exchange for a 5 percent partnership interest.

If an amount is zero, enter "0".

a. Calculate the amount of gain recognized by Jay as a result of the transfer of the property to the partnership.

b. Calculate Jay's basis in his partnership interest immediately following the contribution to the partnership.

2. Walter receives cash of $25,600 and land with a fair market value of $102,400 (adjusted basis of $61,440) in a current distribution. His basis in his partnership is $21,760.

If an amount is zero, enter "0".

a. What amount of gain must Walter recognize as a result of the current distribution?

What is Walter's basis in the land received?

b. What amount of gain must the partnership recognize as a result of the distribution?

c. What is Walter's basis in his partnership interest immediately after the distribution?

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