Benjamin is a 50% partner in the Harrison Partnership and ha…
Benjamin is a 50% partner in the Harrison Partnership and has an outside basis of $26,000 at the end of the year prior to any distributions. On December 31, Benjamin receives a proportionate operating distribution of $16,000 cash and a parcel of land with a $24,000 fair value and an $18,000 basis to Harrison Partnership. What is Benjamin’s basis in the distributed property?