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Kenneth receives a proportionate, nonliquidating distribution from the Fern Partnership. The distribution consists of $10,000 cash and property with an adjusted basis to the partnership of $40,000 and a fair market value of $58,000. Immediately before the distribution, Kenneth's adjusted basis for his partnership interest is $75,000. Kenneth's basis in the noncash property received is:

A. $25,000

B. $40,000

C. $58,000

D. $65,000

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M939108

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