1. Martha contributed fully depreciated, zero ($0) basis property valued at $16,000 to the
　　MB Partnership in exchange for a 50% interest in partnership capital and profits. During the first year of partnership operations, MB had net taxable income of $5,000 and tax-exempt income of $6,000. The partnership distributed $4,000 cash to Martha. Her share of
　　partnership recourse liabilities on the last day of the partnership year was $1,500. Martha’s adjusted basis for her partnership interest at year end is:
　　A. $0
　　B. $3,000
　　C. $8,500
　　D. $19,000
 
　　【答案】B
 
　   【解析】Beginning Capital Account $ -0- Additions: Net taxable Income 5,000
　　Tax Exempt 6,000
　　$11,000
　　× 50% $5,500
　　Subtract: Distributions (4,000) Ending Capital Account 1,500
　　Martha’s Share of
　　Recourse Liabilities
　　1,500
　　Ending Basis $3,000
　　A is incorrect. A partner’s basis must be adjusted for her share of partnership income, separately stated items, distributions and her share of the partnership liabilities.
　　C is incorrect. This answer incorrectly assumes Martha is credited with a basis increase of
　　100% of Net taxable income and tax exempt income, not 50%.
　　D is incorrect. This answer would have been obtained had the beginning capital account been
　　$16,000. A partner’s basis in the partnership interest is the same basis as the property contributed.

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