1 24 Susan has a $31,500 basis (including her share of debt) in her 50 percent partnership interest in the Polgar Partnership before receiving any distributions. This year Polgar makes a current distribution to Susan of a parcel of land with a $46,700 fair market value and a $38,100 basis to the partnership. The land is encumbered with a $19,100 mortgage (the partnership's only liability). What is Susan's remaining basis in her partnership interest?

SWFT Comprehensive Volume 2019
42nd Edition
ISBN:9780357233306
Author:Maloney
Publisher:Maloney
Chapter21: Partnerships
Section: Chapter Questions
Problem 25CE
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1 24 Susan has a $31,500 basis (including her share of debt) in her 50 percent partnership interest in the Polgar Partnership before receiving any distributions. This year Polgar makes a current distribution to Susan of a parcel of land with a $46,700 fair market value and a $38,100 basis to the partnership. The land is encumbered with a $19,100 mortgage (the partnership's only liability). What is Susan's remaining basis in her partnership interest?
 
 
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