Jennys outside basis in her interest in the jag partnership, Ask an Expert

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Jenny's outside basis in her interest in the JAG partnership is $150,000 before any distribution. Jenny is a 30% partner and her share of JAG liabilities is $30,000. JAG reduce Jenny's interest to 20% by distributing the following assets to her: cash, 40000 FMV. Inventory, 10000 FMV, JAG tax basis $5000. Capital asset, $10,000 FMV, JAG tax basis $15000.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M950271

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