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What is David basis in the distributed assets

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    Assignment ID: FG133049186

    Question – David’s basis in the Jimsoo Partnership is $61,500. In a proportionate liquidating distribution, David receives cash of $8,700 and two capital assets: (1) Land A with a fair market value of $23,400 and a basis to Jimsoo of $18,550, and (2) Land B with a fair market value of $11,275 and a basis to Jimsoo of $18,550. Jimsoo has no liabilities. What is David’s basis in the distributed assets?

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