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Tax Drill - Proportionate Nonliquidating Distribution - Cash Lola owns a one-half interest in the Lenax LIC. Her basis in this ownership interest is $22,000

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Tax Drill - Proportionate Nonliquidating Distribution - Cash Lola owns a one-half interest in the Lenax LIC. Her basis in this ownership interest is $22,000 on December 31, 2023, after accounting for the calendar year LLC's 2023 operations. On December 31,2023 , the LLC distributes $25,000 cash to Lola in a proportionate nonliquidating distribution. Lola recognizes as from this distribution

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