[ORDER SOLUTION] Basis Adjustments to Partnership Property

12.1: If a partner is distributed encumbered property, what is the ordering in time of the following for tax purposes: (1) the assumption of the debt by the distributee partner, (2) the reduction in the distributee partner’s share of the partnership debt, and (3) the distribution of the property? 12.2: Partner A received the following in a nonliquidating distribution:   Basis FMV Cash $20,000 $20,000 Inventory Item 1 $15,000 $18,000 Inventory Item 2 $10,000 $6,000 Capital Asset 1 $20,000 $7,000 Capital Asset 2 $10,000 $20,000   $75,000 $71,000 Assume A’s basis in the partnership before the distribution was $40,000. What would the bases of the assets be to A? Assume A’s basis in the partnership before the distribution was $60,000. What would the bases of the assets be to A? 12.3: The DEF partnership has the following balance sheet:   Basis FMV Cash $48,000 $48,000 Inventory $24,000 $60,000   $72,000 $108,000       Capital, D $24,000 $36,000 Capital, E $24,000 $36,000 Capital, F $24,000 $36,000   $72,000 $108,000 If partner D gets a cash distribution in liquidation of $36,000, what will be the tax effects to D and the partnership? 12.4: The GHI partnership has the following balance sheet:   Basis FMV Inventory $48,000 $72,000 Land $24,000 $36,000   $72,000 $108,000       Capital, G $24,000 $36,000 Capital, H $24,000 $36,000 Capital, I $24,000 $36,000   $72,000 $108,000 If partner G receives a distribution consisting of ¼ of the inventory, reducing her interest in the partnership from 1/3 to 1/5, what will be the tax effects to G and the partnership?

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