Posted: 07 May 2011 at 18:56 | IP Logged
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- Beginning basis & nbsp; 75,000
- assumption of mortgage 90,000
- = 165,000
- -distribution of warehouse (120,000)
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-share of liability decrease (30,000)
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basis after & nbsp; & nbsp; = 15,000
As 1/3 shareholder, X has 30k basis for mortgage b4 ditribution, so actually his basis for mortgage increase 60k.from 30k to 90k.
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