sjrcpa
Level 15
06-24-2021
03:50 PM
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Wife's basis in the partnership at time of husband's death was the FMV of the 50% interest in the partnership. Most likely this was not equal to 50% of the FMV of the underlying real estate.
Wife's basis at time of sale is initial basis plus or minus all of the items of income, loss, deduction, and distributions up to the date of sale. Most likely not the capital account balance.
The more I know the more I don’t know.