Question
Partner Z of the XYZ partnership receives a liquidating distribution of the following: Basis FMV Cash $40,000 $40,000 Inventory $37,000 $45,000 Unrealized Receiv. $75,000 $45,000
Partner Z of the XYZ partnership receives a liquidating distribution of the following:
Basis FMV
Cash $40,000 $40,000
Inventory $37,000 $45,000
Unrealized Receiv. $75,000 $45,000
Land $30,000 $40,000
Zs basis in her partnership interest was $225,000. What is her gain or loss and the bases of the assets distributed to her?
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Accounting Texts And Cases
Authors: Robert Anthony, David Hawkins, Kenneth A. Merchant
12th Edition
0073100919, 978-0073100913
