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Option #1: Partnership Basis

Josh has a 25% capital and profits interest in the calendar-year GDJ Partnership. His adjusted basis for his partnership interest on October 15 of the current year is $300,000. On that date, the partnership liquidates and makes a proportionate distribution of the following assets to Josh.

Partnership’s Basis in Asset

Asset’s Fair Market Value

Cash
Inventory
$ 70,000
120,000
$ 70,000
150,000
  1. Calculate Josh’s recognized gain or loss on the liquidating distribution, if any.
  2. How would your answer to #a., above, change if the partnership also distributed a small parcel of land it had held for investment to Josh? Assume the land has a $5,000 adjusted basis (FMV is $8,000) to the partnership.

Clearly identify the requirements being addressed. Show all calculations within the cells of an Excel spreadsheet. This means that you must use formulas and links so that the thought process can be examined. Make good use of comments to convey your thought process as well. No hard coding of solutions. Submit a single MS Excel file for grading.

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