Bonnie is a partner in a general partnership in which she ha…

Bonnie is a partner in a general partnership in which she has an outside basis of $22,000 at the end of the year (prior to any distributions). On December 31, Bonnie receives a proportionate nonliquidating distribution of $16,000 cash and property with a $13,000 fair value and a $9,000 basis to the partnership.   What is Bonnie’s beginning basis in the distributed property?

Note: use the following fact pattern for the next two questi…

Note: use the following fact pattern for the next two questions.   Grace and Henri form a general partnership by contributing the following assets in exchange for 50 percent capital and profits interests:   BasisFair valueGrace: Cash$20,000$20,000 Building1$210,000$630,000 Total$230,000$650,000Henri: Cash$150,000$150,000 Total$150,000$150,000   1 The building is secured by a $500,000 recourse mortgage. The partners share economic risk of loss on the mortgage as follows: Henri – 60 percent, and Grace – 40 percent.   How much gain or loss will Grace recognize on the contribution?