The ABC partnership has four partners. Each partner's adjusted basis in the partnership interest owned...
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Accounting
The ABC partnership has four partners. Each partner's adjusted basis in the partnership interest owned by that partner was $100,000 on the first day of last year. The partnership reported net income for last year of $80,000 (no separately stated items to take into account). The partnership distributed pro rata to each partner $30,000 in cash plus identical parcels of land that each had a fair market value of $25,000 and a basis to the partnership of $10,000. What is each partner's basis in the land distributed to the partner? a. 0 b. $20,000 c. $15,000 d. $10,000
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