Lucky's original contribution to the Boxwood Partnership was land with a basis of $5,000 and a market value of $55,000.Her share of the taxable income from the partnership since her original contribution has been $95,000 and Lucky has received $50,000 in cash distributions from the partnership.Lucky did not recognize any gains as a result of the distributions.Calculate Lucky's current basis in her partnership interest.

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The Answer of Lucky's original contribution to the Boxwood Partnership was land with a basis of $5,000 and a market value of $55,000.Her share of the taxable income from the partnership since her original contribution has been $95,000 and Lucky has received $50,000 in cash distributions from the partnership.Lucky did not recognize any gains as a result of the distributions.Calculate Lucky's current basis in her partnership interest.

Lucky's Original Contribution to the Boxwood Partnership Was Land with a Basis