Hart’s adjusted basis in Best Partnership was $9,000 at the time he received the following nonliquidating distribution of partnership property:
|
Cash |
$ 5,000 |
|
|
Land |
||
|
Adjusted basis |
7,000 |
|
|
Fair market value |
10,000 |
|
What was the amount of Hart’s basis in the land?
- $0
- $ 4,000
- $ 7,000
- $10,000