Marilyn is a partner in a continuing partnership.At the end of the current year,the partnership makes a proportionate,nonliquidating distribution to Marilyn of $40,000 cash,inventory (basis of $12,000,fair market value of $10,000),and land (basis of $30,000,fair market value of $40,000).Marilyn's basis in the partnership interest was $80,000 before the distribution.What is Marilyn's basis in the inventory,land,and partnership interest following the distribution?

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The Answer of Marilyn is a partner in a continuing partnership.At the end of the current year,the partnership makes a proportionate,nonliquidating distribution to Marilyn of $40,000 cash,inventory (basis of $12,000,fair market value of $10,000),and land (basis of $30,000,fair market value of $40,000).Marilyn's basis in the partnership interest was $80,000 before the distribution.What is Marilyn's basis in the inventory,land,and partnership interest following the distribution?

Marilyn Is a Partner in a Continuing Partnership