Question
THIS IS ALL ONE QUESTION: IF YOU ONLY ANSWER ONE PART YOU WILL BE GIVEN A THUMBS DOWN :) Thank You! A partnership has an
THIS IS ALL ONE QUESTION: IF YOU ONLY ANSWER ONE PART YOU WILL BE GIVEN A THUMBS DOWN :) Thank You!
A partnership has an outside basis in a partnership equal to $8,000. In a liquidating distribution, the partner receives inventory with a cost basis of $5,000 and a fair market value of $7,500 and a laptop with a cost basis of $100 and a fair market value of $120. 13. What is the partners recognized gain or loss on this liquidating distribution? a. $0 b. $380 recognized loss c. $2,520 recognized gain d. None of the above 14. What is the basis of the inventory in the hands of the liquidated partner? a. $0 b. $4,620 c. $5,100 d. None of the above 15. What is the basis of the laptop in the hands of the liquidated partner? a. $0 b. $100 c. $3,000 d. None of the above
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