Question
Prince has a $100,000 outside basis in his partnership interest (cash-basis partnership). This year, the partnership distributed the following to Prince in a proportionate current
Prince has a $100,000 outside basis in his partnership interest (cash-basis partnership). This year, the partnership distributed the following to Prince in a proportionate current distribution (land was purchased by the partnership):
- Cash: $131,000
What is Prince's gain or loss recognized?
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Cost Accounting
Authors: M.E. Thukaram Rao
3rd Edition
8122433820, 978-8122433821
