Slate’s basis in Arch Partnership was $70,000 at the time he received a nonliquidating distribution of partnership capital assets. These capital assets had an adjusted basis of $65,000 to Arch and a fair market value of $83,000. Arch had no unrealized receivables, appreciated inventory, or properties that had been contributed by its partners. What was Slate’s recognized gain or loss in the distribution?

Two individuals are planning to start a business and need advice on selecting the appropriate form of entity. Their long-term business plan contemplates receiving future in-kind property distributions. Which of the following is a pair of business entities each of which can make a distribution of appreciation property to its owners that would not be taxable to the business entity or to its owners?

Partners of a partnership are subject to _______ provisions which are basic limitations on losses and such any passive loss limitations on the losses passed through from their partnership.

Partner A’s basis in partnership ABC is $5,000 at the beginning of the year. During the year, Partner A received a nonliquidating distribution of $3,000 cash and property with an adjusted basis of $4,000 and fair market value of $5,000. What was Partner A’s basis in the property received?

Harry’s adjusted basis in a partnership interest was $30,000. He received a nonliquidating distribution of $24,000 cash and land with a FMV and basis of $9,000. Harry’s basis for the land is:

Alex is an individual and a partner in ABC Partnership with an adjusted basis of $30,000 in partnership interest. Alex received a non-liquidating distribution of $25,000 cash and property with an adjusted basis of $7,000 and a FMV of $10,000. What amount of gain should Alex recognize?