In complete liquidation of her interest in the Buyers Partnership, Sarah received a cash distribution of $40,000.
Question:
In complete liquidation of her interest in the Buyers Partnership, Sarah received a cash distribution of $40,000. Her basis in the partnership interest prior to receipt of the liquidating distribution was $48,000.
a. How much gain or loss must Sarah recognize on receipt oft he liquidating distribution?
b. Assume that Sarah received cash of only
$25,000, and property worth $15,000 in complete liquidation of her interest in the partnership. How much gain or loss would she recognize? What would be her basis in the property received?
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Related Book For 
CCH Federal Taxation Basic Principles 2020
ISBN: 9780808051787
2020 Edition
Authors: Ephraim P. Smith, Philip J. Harmelink, James R. Hasselback
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