Daniel's basis in the DAT Partnership is $135,000. DAT distributes its land to Daniel in complete liquidation of his partnership interest. DAT reports the following balance sheet just before the distribution:
If DAT has a §754 election in place, what is the amount and sign (positive or negative)of the special basis adjustment resulting from the distribution to Daniel? What is DAT's basis in its remaining assets?
Definitions:
Corm
A rounded underground storage organ consisting of swollen stem tissue, covered with scaly leaves, found in some plants serving for food storage and to survive winter or dry months.
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Structures in databases or spreadsheets that organize data into rows and columns for easy reference and manipulation.
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