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Please answer B and last part of C Problem 21-63 (Algorithmic) (LO. 14) Gil's outside basis in his interest in the GO Partnership is $840,000.
Please answer B and last part of C
Problem 21-63 (Algorithmic) (LO. 14) Gil's outside basis in his interest in the GO Partnership is $840,000. In a proportionate current distribution, the partnership distributes to him cash of $252,000, inventory (fair market value of $336,000, basis to the partnership of $168,000), and land (fair market value of $756,000, basis to the partnership of $420,000). The partnership continues in existence. a. Does the partnership recognize any gain or loss as a result of this distribution? No b. Does Gil recognize any gain or loss as a result of this distribution? No Why or why not? As a proportionate current distribution, Gil will recognize gain if c. Calculate Gil's basis in the land, in the inventory, and in his partnership interest immediately following the distribution. Land $ 420,000 Inventory $ 168,000 Gil's basis in the partnership after the current distribution is $ 0Step by Step Solution
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