{ "key_pair_value_system": true, "answer_rating_count": "", "question_feedback_html": { "html_star": "", "html_star_feedback": "" }, "answer_average_rating_value": "", "answer_date_js": "2024-05-27T05:13:02-04:00", "answer_date": "2024-05-27 05:13:02", "is_docs_available": "", "is_excel_available": "", "is_pdf_available": "", "count_file_available": 0, "main_page": "student_question_view", "question_id": "1779883", "url": "\/study-help\/questions\/-1779883", "question_creation_date_js": "2024-05-27T05:13:02-04:00", "question_creation_date": "May 27, 2024 05:13 AM", "meta_title": "[Solved] Rufus is a one - quarter partner in the A | SolutionInn", "meta_description": "Answer of - Rufus is a one - quarter partner in the Adventure Partnership. On January 1 of the current year, Adventure distributes | SolutionInn", "meta_keywords": "rufus,one,-,quarter,partner,adventure,partnership,january,1,current,year,distributes", "question_title_h1": "Rufus is a one - quarter partner in the Adventure Partnership. On January 1 of the current year, Adventure distributes $ 1 3 , 0", "question_title": "Rufus is a one - quarter partner in the Adventure Partnership. On", "question_title_for_js_snippet": "Rufus is a one quarter partner in the Adventure Partnership On January 1 of the current year, Adventure distributes $ 1 3 , 0 0 0 cash to Rufus in complete liquidation of his interest Adventure has only capital assets and no liabilities at the date of the distribution Rufus's basis in his partnership interest is $ 1 8 , 5 0 0 a What are the amount and character of Rufus's recognized gain or loss b What are the amount and character of Adventure's recognized gain or loss c If Rufus's basis is $ 1 0 , 0 0 0 at the distribution date rather than $ 1 8 , 5 0 0 , what are the amount and character of Rufus's recognized gain or loss ", "question_description": "
Rufus is a one<\/span>-<\/mo><\/mrow><\/math>quarter partner in the Adventure Partnership. On January <\/span>1<\/mn><\/mrow><\/math> of the current year, Adventure distributes $<\/span>1<\/mn>3<\/mn>,<\/mo>0<\/mn>0<\/mn>0<\/mn><\/mrow><\/math> cash to Rufus in complete liquidation of his interest. Adventure has only capital assets and no liabilities at the date of the distribution. Rufus's basis in his partnership interest is $<\/span>1<\/mn>8<\/mn>,<\/mo>5<\/mn>0<\/mn>0<\/mn>.<\/mo><\/mrow><\/math> a<\/span>.<\/mo><\/mrow><\/math> What are the amount and character of Rufus's recognized gain or loss? b<\/span>.<\/mo><\/mrow><\/math> What are the amount and character of Adventure's recognized gain or loss? c<\/span>.<\/mo><\/mrow><\/math> If Rufus's basis is $<\/span>1<\/mn>0<\/mn>,<\/mo>0<\/mn>0<\/mn>0<\/mn><\/mrow><\/math> at the distribution date rather than $<\/span>1<\/mn>8<\/mn>,<\/mo>5<\/mn>0<\/mn>0<\/mn>,<\/mo><\/mrow><\/math> what are the amount and character of Rufus's recognized gain or loss?<\/span> <\/div><\/span> <\/div><\/div>", "transcribed_text": "", "related_book": { "title": "Principles of Cost Accounting", "isbn": "9781133712701, 1133187862, 1133712703, 978-1133187868", "edition": "16th edition", "authors": "Edward J. Vanderbeck", "cover_image": "https:\/\/dsd5zvtm8ll6.cloudfront.net\/si.question.images\/book_images\/298.jpg", "uri": "\/textbooks\/principles-of-cost-accounting-16th-edition-298", "see_more_uri": "" }, "free_related_book": { "isbn": "3540211276", "uri": "\/textbooks\/solving-problems-in-scientific-computing-using-maple-and-matlab-4th-edition-978-3540211273-151915", "name": "Solving Problems In Scientific Computing Using Maple And Matlab", "edition": "4th Edition" }, "question_posted": "2024-05-27 05:13:02", "see_more_questions_link": "\/study-help\/questions\/business-economics-2023-September-08", "step_by_step_answer": "The Answer is in the image, click to view ...", "students_also_viewed": [ { "url": "\/study-help\/questions\/discuss-how-efficiency-and-effectiveness-are-used-to-aid-in-654604", "description": "Discuss how efficiency and effectiveness are used to aid in decision making within a healthcareorganization. Is one more important than the other? 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