Required Information Adam and Alyssa are equal partners in the PartiPilo Partner

Question

Required Information Adam and Alyssa are equal partners in the PartiPilo Partnership. The partners formed the partnership three years ago by contributing cash. Prior to any distributions, the partners have the following bases in their partnership interests: Partner Outside Basis Adam Alyssa s 17,786 s 17.782 On December 31 of the current year the partnership makes a pro rata operating distribution of arther Distribution AdamCash$22,758 s 7,15e AlyssaCash property$15, 6 (EMV) ($13,088 basis to partnership) (Leave no answer blank. Enter zero If applicable.) d. What is Alyssa's basis in the distributed assets? cee Basis in cash Basis in property

Explanation / Answer

D. What is Alyssa's basis in the distributed assets?

Alyssa reduces her basis in PartiPilo partnership by $7,150 for the cash distribution,

It leaves her with a basis of $10,550 (which is 17,700-7150) . Alyssa assigns a $10,550 basis to the property (a reduction of $5,050)

If you have any doubt, or explanation or clarification needed, please let me know

Thank you!

E. What is Alyssa’s remaining basis in her partnership interest?

Alyssa reduces her basis in Partipilo to $0 after the distribution, That is

Basis in PartiPilo $    17,700.00 Less: Cash distribution $      7,150.00 Less: Property $    10,550.00 Remaining basis in PartiPilo $   0   

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