Question
Rufus is a one-quarter partner in the Adventure partnership. On January 1 of the current year, Adventure distributes $13,000 cash to Rufus in complete liquidation
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Rufus is a one-quarter partner in the Adventure partnership. On January 1 of the current year, Adventure distributes $13,000 cash to Rufus in complete liquidation of his interest. Adventure has only capital assets and no liabilities at the date of the distribution. Rufus basis in his partnership interest is $19,500. What is the amount Rufus recognized gain or loss?
Rufus is a one-quarter partner in the Adventure partnership. On January 1 of the current year, Adventure distributes $13,000 cash to Rufus in complete liquidation of his interest. Adventure has only capital assets and no liabilities at the date of the distribution. Rufus basis in his partnership interest is $19,500. What is the amount Rufus recognized gain or loss?
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Rufus is a one-quarter partner in the Adventure partnership. On January 1 of the current year, Adventure distributes $13,000 cash to Rufus in complete liquidation of his interest. Adventure has only capital assets and no liabilities at the date of the distribution. Rufus basis in his partnership interest is $10,500. What is the amount Rufus recognized gain or loss?
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