Dear all,

I'm in the process of learning US Tax. Generally, I'm able to understand most of the topics well, with the exception of Partnerships. Perhaps its just me, but my mind literally goes blank when dealing with Partnerships.

I would have no idea on how to even approach the questions. Take this for example:


S's interest in the ST partnership has an adjusted basis of $120,000. S received the following in complete liquidation in S's interest.

Cash: $40,000
Inventory items with an adjusted basis to ST of $48,000
Automobile with an adjusted basis to ST of $16,000
Land with an adjusted basis to ST of $48,000

S's basis in the automobile and land is?