Oliver receives a nonliquidating distribution of land having a $25,000 adjusted basis and a $32,000 FMV from the OK Partnership.At the time of the distribution,Oliver's basis in his partnership interest is $30,000.
a.What is the amount of recognized gain or loss on the distribution?
b.What is Oliver's basis in his partnership interest following the distribution?
c.What is Oliver's basis in the land?

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The Answer of Oliver receives a nonliquidating distribution of land having a $25,000 adjusted basis and a $32,000 FMV from the OK Partnership.At the time of the distribution,Oliver's basis in his partnership interest is $30,000.
a.What is the amount of recognized gain or loss on the distribution?
b.What is Oliver's basis in his partnership interest following the distribution?
c.What is Oliver's basis in the land?

Oliver Receives a Nonliquidating Distribution of Land Having a $25,000