In 2013,Angel Contributes Land to a Partnership with a Basis

question 27

Multiple Choice

In 2013,Angel contributes land to a partnership with a basis of $12,000 and a FMV of $22,000.In 2014,when the FMV of the land is $28,000,the partnership distributes the land to Shelia,another partner.What is the basis of the land to Shelia assuming she has a $40,000 basis in her partnership interest?

• A) $0.
• B) $12,000.
• C) $22,000.
• D) $28,000.

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