Basis in a noncash distribution
20. Wendy receives a proportionate non-liquidating distribution from the WXY Partnership. The distribution consists of $75,000 cash and property with an adjusted basis to the partnership of $20,000 and a fair market value of $25,000. Immediately before the distribution, Wendy’s adjusted basis for her partnership interest is $90,000. Wendy’s basis in the non-cash property received is:
e. None of the above.