Susan is a one-third partner in Anders Mountain Partners. Last month, she received a non-liquidating cash distribution
Question:
Susan is a one-third partner in Anders Mountain Partners. Last month, she received a non-liquidating cash distribution of $25,000. Her basis in her partnership interest prior to the distribution was $30,000. The partnership had no liabilities or “hot assets.” How much gain or loss will Susan recognize on receipt of the distribution?
a. $0 gain or loss.
b. $25,000 gain.
c. $25,000 loss.
d. $5,000 loss.
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In a partnership when a partner receives a nonliquidating cash distribution it decrease...View the full answer
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Related Book For 
Taxation Essentials Of LLCs And Partnerships
ISBN: 9781119722328
1st Edition
Authors: Larry Tunnell, Robert Ricketts
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