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Mandy has an outside basis of $280,000 when she receives a liquidating distribution of $62,000 cash and a proportionate share of inventory having a
Mandy has an outside basis of $280,000 when she receives a liquidating distribution of $62,000 cash and a proportionate share of inventory having a partnership basis of $92,300 and a fair market value of $103,700. The distribution results in a liquidation of both the partnership and her interest. What should be the amount of Mandy's gain or loss on the liquidation?
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Survey of Accounting
Authors: Edmonds, old, Mcnair, Tsay
2nd edition
9780077392659, 978-0-07-73417, 77392655, 0-07-734177-5, 73379557, 978-0073379555
