Darlene has a $72,000 basis in her Ramble partnership interest. She received a liquidating distribution of $16,000 cash and land with a FMV of $60,000 and a basis of $52,000. $56,000 2. Roy's adjusted basis in Orleans Associates was $125,000 immediately before he received a distribution in complete liquidation of Orleans. He received $40,000 in cash and equipment with an AB to Orleans of $70,000 and a FMV of $95,000. $85,000 3. Underfoot Partnership distributed machinery with a FMV of $16,000 and an adjusted basis to the partnership of $12,000 to Paul in a nonliquidating distribution. Paul's basis in the partnership interest was $9,000. $9,000 4. Jimmy's adjusted basis in his Levee Partnership interest is $310,000. During the year, Jimmy received a nonliquidating distribution of $95,000 plus equipment with an adjusted basis of $160,000 to Levee, and a FMV of $185,000. $215,000 5. John's adjusted basis in his Ocean Partnership interest was $97,000 when he received a nonliquidating distribution of $49,000 cash and property with an AB to Ocean of $54,000 and a FMV of $61,000.
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