Question
Stan has an outside basis of $20,000 in the RST Partnership. His share of partnership debt is $6,000. Stan gets the following in a liquidating
Stan has an outside basis of $20,000 in the RST Partnership. His share of partnership debt is $6,000. Stan gets the following in a liquidating distribution: Basis FMV Cash $15,000 $15,000 Accounts receivable 0 20,000 Land 10,000 20,000 Total $25,000 $55,000 (a) Does Stan have a gain or loss? (b) What is the basis of the distributed assets and Stans outside basis?
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Essentials of Accounting for Governmental and Not-for-Profit Organizations
Authors: Paul A. Copley
10th Edition
007352705X, 978-0073527055
