# [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?

[ORDER SOLUTION] Basis Adjustments to Partnership Property
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