Stark transfers land (FMV = $200,000, basis = $120,000 to th…
Stark transfers land (FMV = $200,000, basis = $120,000 to the OKT Partnership, in which she is a 1/3 partner. Twenty months later the partnership distributes property (FMV = $150,000, basis = $50,000) to Stark, and her basis in her partnership interest immediately before the distribution (and before the addition of any gain under Section 737) is $120,000. Assume that at the time of the contribution the distribution was not assured in any way. How would these transactions be taxed?