federal taxation II

Video o Pret nem than ang Problem 21-54 (c) (LO. 14) When Abe's outside basis in the Vacuna Partnership is $211,000, the partnership distributes to him $36,000 cash, three accounts receivable (fair market value of $61,000, Inside basis to the partnership of $0), and a parcel of land (taie market value of $484,000, inside basis to the partnership of $420,000), Abe remains a partner in the partnership, and the distribution is proportionate to the partners. If an amount is zero, entero a. Does the partnership recognize a gain or loss as a result of this distribution? No Gain or Loss b. As a result of the distribution, Abe recognizes neither again nor a loss c. In what order are the assets distributed to Abe? Cal accounts receivable land Calculate Abe's basis in the land, in the inventory, and in his partnership interest Immediately following the distribution Accounts receivable: 5 07 Land: 36,000 X Partnership interest: $ 0 OW Partially correct Ged My Work All work ved