Paul has a 63000 basis in his partnership interest on may 9, Accounting Basics

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Paul has a 63000 basis in his partnership interest on may 9

Problem

Paul has a $63,000 basis in his partnership interest. On May 9 of the current tax year, the partnership distributes to him, in a proportionate nonliquidating distribution, cash f $25,000, cash basis receivable with an inside basis of $0 and a fair market value of $16,000, and land with a basis and fair market value to the partnership of $80,000.

a) How much is Paul's realized ad recognized gain on the distribution?

b) What is Paul's basis in the receivables, land, and partnership interest following the distribution?

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Accounting Basics: Paul has a 63000 basis in his partnership interest on may 9

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