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Harper is a partner in a continuing partnership. At the end of the current year, the partnership distributed to Harper in a proportionate, nonliquidating distribution cash of $50,000, inventory with a basis to the partnership of $45,000 and a fair market value of $80,000, and a parcel of land with a basis to the partnership of $130,000 and a fair market value of $90,000. Harper's basis in the partnership interest was $260,000 before the distribution. What basis does Harper take in the inventory and land, and what is his basis in the partnership interest following the distribution?

A. $45,000 basis in inventory; $90,000 basis in land; $75,000 basis in partnership.

B. $45,000 basis in inventory; $130,000 basis in land; $35,000 basis in partnership.

C. $80,000 basis in inventory; $90,000 basis in land; $40,000 basis in partnership.

D. $80,000 basis in inventory; $130,000 basis in land; $20,000 basis in partnership.

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  • Reference No.:- M939105

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