The JIH Partnership distributed the following assets to partner James in a proportionate liquidating distribution in which the partnership is liquidated: $25,000 cash,land parcel A (basis of $5,000,fair market value of $30,000),and land parcel B (basis of $5,000,fair market value of $15,000).James's basis in his partnership interest was $85,000 immediately before the distribution.
Definitions:
Warranties
Legally binding promises made by a manufacturer or seller that a product or service meets certain quality and reliability standards or that certain repair or replacement conditions will be met.
Unaccepted Draft
A written order to pay a specified amount that has not been agreed to or signed by the party expected to pay.
Entitled To Enforce
A legal phrase indicating that a person or entity has the right to enforce a contract or legal instrument.
Promissory Note
A promissory note is a financial instrument in which one party (the issuer) promises in writing to pay a determinable sum of money to the other (the payee), either at a fixed or determinable future time or on demand of the payee, under specific terms.
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