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Pablo has a $180,200 basis in his partnership interest. On May 9 of the current tax year, the partnership distributes to him, in a proportionate
Pablo has a $180,200 basis in his partnership interest. On May 9 of the current tax year, the partnership distributes to him, in a proportionate current distribution, cash of $72,080, cash basis receivables with an inside basis of $0 and a fair market value of $45,050, and land with a basis and fair market value to the partnership of $234,260. If an amount is zero, enter "O". a. How much is Pablo's realized and recognized gain on the distribution? Pablo has a realized gain on the distribution of $ and a recognized gain of $ b. What is Pablo's basis in the receivables, land, and partnership interest following the distribution? The receivables have a basis of $ and the land has a basis of $ to Pablo. His basis in his partnership interest after the distribution is $ Lola owns a one-half interest in the Lenax LLC. Her basis in this ownership interest is $129,500 at the end of the year, after accounting for the calendar year LLC's current operations. On that date, the LLC distributes $142,450 cash to Lola in a proportionate current distribution. What is the amount of any gain or loss Lola recognizes as a result of this distribution? What is her basis in the LLC interest? if an amount is zero, enter "O". She recognizes a $ from this distribution. Her basis is reduced to $
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