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Member a has an adjusted basis in his membership interest

Question - Member A has an adjusted basis in his membership interest in Net Big Partnership of $6,000. Net Big liquidates completely and distributes a piece of real estate to Member A in which Net Big has a basis of $6,000 and which has a fair market value of $10,000.

a. What is Member A's basis in the real estate received from Net Big?

b. Does Member A have a gain or loss as a result of the distribution? In so, how much?

c. Explain your answers to parts a and b.

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Accounting Basics: Member a has an adjusted basis in his membership interest

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