Discussion Post
• How much taxable income does the partnership report because of the disproportionate distribution to three partners?
• How much and what type of taxable income does each partner report because of the disproportionate distribution?
• What is each partner's base in his/her partnership interest after the $40,000 distribution to each?
• What is Hiram and Fred's basis in the art?
• What type of property is the art to each partner?
The response should include a reference list. Using double-space, Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.