Pam has a $27,000 basis (including her share of debt) in her 50 percent partnership interest in the Meddoc Partnership before receiving any distributions. This year Meddoc makes a current distribution to Pam of a parcel of land with a $40,000 fair market value and a $32,000 basis to the partnership. The land is encumbered with a $15,000 mortgage (the partnerships only liability). a) What is the amount and character of Pams recognized gain or loss? b) What is Pams basis in the land? c) What is Pams remaining basis in her partnership interest?
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