Partnership Distribution In 2021, Autumn Partnership distributes the following assets to Spring Dupont (a partner in the partnership) in a proportionate, liquidating distribution: Office furnishing...

In 2021, Autumn Partnership distributes the following assets to Spring Dupont (a partner in the partnership) in a proportionate, liquidating distribution:

• Office furnishing (fair market value of $100,000 and basis to partnership of $30,000)


• $40,000 of cash


• Inventory (fair market value of $100,000 and basis to partnership of $20,000)

Prior to the distribution Spring Dupont had an outside basis in the Autumn Partnership of $200,000