Question
Partner N of the LMN partnership receives a liquidating distribution of the following: Basis FMV Cash $50,000 $50,000 Inventory $35,000 $45,000 Unrealized Receiv. $75,000 $53,000
Partner N of the LMN partnership receives a liquidating distribution of the following:
Basis FMV
Cash $50,000 $50,000
Inventory $35,000 $45,000
Unrealized Receiv. $75,000 $53,000
Land $30,000 $45,000
Ns basis in her partnership interest was $275,000. What is her gain or loss and the bases of the assets distributed to her?
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Fundamentals of Financial Management
Authors: Eugene F. Brigham, Joel F. Houston
12th edition
978-0324597714, 324597711, 324597703, 978-8131518571, 8131518574, 978-0324597707
