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Melissa is a partner in a continuing partnership. at the end of the current year, the...

Melissa is a partner in a continuing partnership. at the end of the current year, the partnership makes a proportionate, non liquidating distribution to Melissa of $50,00 cash, inventory (basis of $22,000, fair market value of $20,000), and land (basis of $30,000, fair market value of $60,000). Melissa's basis in the partnership interest was $90,000 before the distribution. What is Melissa's basis in the inventory, land, and partnership interest following the distribution?

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Answer #1
Melissa’s basis in the partnership interest before the Distribution    90,000.00
Cash Distribution - 50,000.00
Basis before Property Distribution    40,000.00
Inventory Distribution - 18,000.00
Land Distribution - 22,000.00
Basis after land Distribution                   -  
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