Andy has an outside basis in Canine Partnership of $520,000. The partnership distributes the following assets to Andy in a proportionate, non-liquidating distribution: Land (fair market value of $6000,000 and basis to partnership of $240,000 Cash of $100,000 Accounts receivable (fair market value of $200,000 and basis of $0) How much gain of loss will Canine Partnership recognize from this distribution?
Andy has an outside basis in Canine Partnership of $520,000. The partnership distributes the following assets to Andy in a proportionate, non-liquidating distribution: Land (fair market value of $6000,000 and basis to partnership of $240,000 Cash of $100,000 Accounts receivable (fair market value of $200,000 and basis of $0) How much gain of loss will Canine Partnership recognize from this distribution?
Chapter21: Partnerships
Section: Chapter Questions
Problem 25CE
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Andy has an outside basis in Canine Partnership of $520,000. The partnership distributes the following assets to Andy in a proportionate, non-liquidating distribution:
- Land (fair market value of $6000,000 and basis to partnership of $240,000
- Cash of $100,000
Accounts receivable (fair market value of $200,000 and basis of $0)
How much gain of loss will Canine Partnership recognize from this distribution?
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ISBN:
9780357109731
Author:
Hoffman
Publisher:
CENGAGE LEARNING - CONSIGNMENT