Question
Partner Z of the XYZ partnership receives a liquidating distribution of the following: Basis FMV Cash $40,000 $40,000 Inventory $30,000 $45,000 Unrealized receiv. $50,000 $45,000
Partner Z of the XYZ partnership receives a liquidating distribution of the following:
Basis FMV
Cash $40,000 $40,000
Inventory $30,000 $45,000
Unrealized receiv. $50,000 $45,000
1. Zs basis in her partnership interest was $95,000. What is her gain or loss and the bases of the assets distributed to her?
- 2. Assume Zs basis in her partnership interest was $130,000. What is her gain or loss and the bases of the assets distributed to her?
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Auditing and Assurance services an integrated approach
Authors: Alvin a. arens, Randal j. elder, Mark s. Beasley
14th Edition
133081605, 132575957, 9780133081602, 978-0132575959
