Question
Ditka Partnership made non-liquidating distributions of cash $12,500, inventory $13,000 basis (FMV $15,000), and land $24,000 (FMV $30,000) to Walter. Walters partnership basis is $52,000.
Ditka Partnership made non-liquidating distributions of cash $12,500, inventory $13,000 basis (FMV $15,000), and land $24,000 (FMV $30,000) to Walter. Walters partnership basis is $52,000. Determine the tax consequences to Walter. Will your answer change if it was a liquidating distribution?
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Financial And Managerial Accounting The Basis For Business Decisions
Authors: Jan Williams, Susan Haka, Mark Bettner, Joseph Carcello
19th Edition
1260247937, 978-1260247930
