Question
Alexandra's interest in the Las Vegas Partnership is liquidated when her outside basis was $30,000. She receives a liquidating distribution of $20,000 cash and a
Alexandra's interest in the Las Vegas Partnership is liquidated when her outside basis was $30,000. She receives a liquidating distribution of $20,000 cash and a piece of equipment (741 property) with a basis to the partnership of $8,000 and a FMV of $30,000. What is Alexandra's basis in the equipment immediately after distribution? Select one: a. $8,000 b. $10,000 c. $0 d. $2,000
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The Internal Auditing Pocket Guide
Authors: J. P. Russell
1st Edition
0873895606, 978-0873895606
