Problem: Dana owns a one-third capital and profits interest in the Spendalot Partners partnership. The partnership uses the calendar year. Her partnership interest had a basis to her of $240,000. This year, the partnership distributes the following assets to Dana: (1) cash of $280,000; and (2) stocks held for investment, having a basis of $60,000 to the partnership, and a fair market value of $120,000.
(a) What is Dana's recognized gain or loss on the distribution?
(b) What basis does she take in the stock?
(c) What is her basis in her partnership interest after the distribution?
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