Partnership XYZ distributed a piece of land in a nonliquidating distribution to Bob, a 50% partner, during the current taxable year. The land had an adjusted basis of $50,000 and a FMV at the date of the distribution of $180,000. Bob has been a partner for 10 years. He had contributed the land to the partnership at formation when its FMV and basis were both equal. He has a basis in the partnership of $40,000 at year end, without taking into consideration the effects of the distribution. Calculate items 1-4 using the information above. Enter the appropriate amounts in the designated cells below. Indicate negative numbers by using a leading minus (-) sign. If no entry is necessary, enter a zero (0). Item Amount 1. Partnership XYZ's recognized gain (loss)
2. Bob's taxable gain (income)
3. Bob's basis in the property
4. Bob's basis in the partnership

Partnership XYZ

Item                                                                  Amount

1. Partnership XYZ's recognized gain (loss) $130,000

2. Bob's taxable gain (income)                       $65,000

3. Bob's basis in the property                        $90,000

4. Bob's basis in the partnership                 $105,000

Explanation:

a) Data and Calculations:

Bob's partnership interest = 50%

Adjusted basis of land = $50,000

Fair market value (FMV) = $180,000

Bob's basis in the partnership at year end = $40,000

Item                                                                   Amount

1. Partnership XYZ's recognized gain (loss) $130,000 ($180,000 - $50,000)

2. Bob's taxable gain (income)                      $65,000 ($130,000 * 50%)

3. Bob's basis in the property                       $90,000 ($180,000  * 50%)

4. Bob's basis in the partnership                 $105,000 ($65,000 + $40,000)

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