Questions 26-31 are based on the following information: A, B, and form X partnership, a calendar year partnership, on January 1, 20x2. They are equal partners. On December 31, 20x6, each of the partners received as a current distribution cash ($55,000) and a capital asset (partnership basis $40,000, FMV 575,000). Each of the partners had a basis in their partnership interest as follows: A-$30,000; B - $80,000; and C - $150,000. X partnership recognizes which of the following due to the distributions? 1. $30,000 capital gain 2. None of these 3. No gain or loss. 4. $30,000 ordinary income QUESTTUN 21 See Question 26 for the facts. A recognizes: 1. None of these. 2. $25,000 capital gain 3.$100,000 capital gain. 4. No gain or loss. QUESTION 28 See Question 26 for the facts. A's basis in the property is 1. None of these. 2. $0 3.$75,000 4. $40,000 QUESTION 31 See Question 26 for the facts. C recognizes: 1 1.$55,000 capital loss D 2. No gain or loss. 03.$55,000 capital gain 4. None of these. QUESTION 32 QUESTION 29 See Question 26 for the facts. B recognizes: 1. None of these. 2. No gain or loss. 3.$55,000 capital gain 4.$50,000 capital gain QUESTION 30 See Question 26 for the facts. B's basis in the property is 1. $40,000 2. $25,000 3. None of these. 4. $75,000 Click Save and Submit to save and submit. Click Save All Answers to save all answers. Questions 26-31 are based on the following information: A, B, and form X partnership, a calendar year partnership, on January 1, 20x2. They are equal partners. On December 31, 20x6, each of the partners received as a current distribution cash ($55,000) and a capital asset (partnership basis $40,000, FMV 575,000). Each of the partners had a basis in their partnership interest as follows: A-$30,000; B - $80,000; and C - $150,000. X partnership recognizes which of the following due to the distributions? 1. $30,000 capital gain 2. None of these 3. No gain or loss. 4. $30,000 ordinary income QUESTTUN 21 See Question 26 for the facts. A recognizes: 1. None of these. 2. $25,000 capital gain 3.$100,000 capital gain. 4. No gain or loss. QUESTION 28 See Question 26 for the facts. A's basis in the property is 1. None of these. 2. $0 3.$75,000 4. $40,000 QUESTION 31 See Question 26 for the facts. C recognizes: 1 1.$55,000 capital loss D 2. No gain or loss. 03.$55,000 capital gain 4. None of these. QUESTION 32 QUESTION 29 See Question 26 for the facts. B recognizes: 1. None of these. 2. No gain or loss. 3.$55,000 capital gain 4.$50,000 capital gain QUESTION 30 See Question 26 for the facts. B's basis in the property is 1. $40,000 2. $25,000 3. None of these. 4. $75,000 Click Save and Submit to save and submit. Click Save All Answers to save all answers
