Questions related to gearty nonliquidating partnership


Question: Gearty's basis in his ABC partnership interest before any partnership distribution is $40,000. In a nonliquidating distribution, the partnership distributed to Gearty cash of $20,000, business-use property with a fair market value of $60,000, and a basis in the hands of the partnership of $25,000. Answer the questions related to Gearty's nonliquidating partnership distribution in the table below. Enter all amounts as positive whole numbers. If the response is zero, enter a zero (0).

 

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Accounting Basics: Questions related to gearty nonliquidating partnership
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