Lola owns a one-half interest in the Lenax LLC. Her basis in this ownership interest is $22,000
Question:
Lola owns a one-half interest in the Lenax LLC. Her basis in this ownership interest is $22,000 at the end of the year, after accounting for the calendar year LLC’s current operations. On that date, the LLC distributes $25,000 cash to Lola in a proportionate current distribution.
What is the amount of any gain or loss Lola recognizes as a result of this distribution?
What is her basis in the LLC interest?
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Lola recognizes a 3000 ...View the full answer
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Related Book For 
South Western Federal Taxation 2018 Corporations Partnerships Estates And Trusts
ISBN: 1389
41st Edition
Authors: William H. Hoffman, William A. Raabe, James C. Young, Annette Nellen, David M. Maloney
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