Accounting Question One Quick

timer Asked: Nov 9th, 2015

Question description

The ABC Partnership makes a proportionate nonliquidating distribution to one of its partners of two Section 1231 assets. Asset A has a basis of $40,000 and a fair market value of $15,000; Asset B has a basis of $30,000 and a fair market value of $20,000. If the partner’s outside basis in his partnership interest is only $35,000, what basis does he have in the assets that are distributed to him?

Asset A is: ??

Asset B is: ??

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