Bradley owns a one-third interest in a liquidating partnership.Immediately before the liquidation,Bradley's basis in the partnership interest is $30,000.The partnership distributes cash of $14,000 and two parcels of land (each with a fair market value of $5,000).Parcel A has a basis of $1,000 to the partnership and Parcel B has a basis of $3,000.Bradley's basis in the two parcels of land is:
A)Parcel A,$1,000;Parcel B,$3,000.
B)Parcel A,$4,000;Parcel B,$12,000.
C)Parcel A,$5,000;Parcel B,$5,000.
D)Parcel A,$8,000;Parcel B,$8,000.
E)Parcel A,$15,000;Parcel B,$15,000.

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The Answer of Bradley owns a one-third interest in a liquidating partnership.Immediately before the liquidation,Bradley's basis in the partnership interest is $30,000.The partnership distributes cash of $14,000 and two parcels of land (each with a fair market value of $5,000).Parcel A has a basis of $1,000 to the partnership and Parcel B has a basis of $3,000.Bradley's basis in the two parcels of land is:
A)Parcel A,$1,000;Parcel B,$3,000.
B)Parcel A,$4,000;Parcel B,$12,000.
C)Parcel A,$5,000;Parcel B,$5,000.
D)Parcel A,$8,000;Parcel B,$8,000.
E)Parcel A,$15,000;Parcel B,$15,000.

Bradley Owns a One-Third Interest in a Liquidating Partnership