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Mon 3 Aug, 2015 11:21 pm
A general partnership reported the following results of 2012:
ORD income 125,000
Interest income 5,000
Qualified Dividend Income 4,000
Sec. 1231 loss (9,000)
Short-tern capital loss 3,000
Long-term capital loss (80,000)
Janet is a 20% partner with an outstanding basis at the beginning of 2012 of $15,000. The partnership had no liabilities at the beginning of the year or at the end of the year.
Janet received a distribution of land from the partnership on 12/31/2012 with FMV of $20,000 and a partnership basis in the land of $7,000. What is her outside basis at the end of 2012?