Neil has a partnership basis of $100,000. He receives $40,000 of cash, inventory with a basis to the partnership of $30,000, and a capital asset with a partnership basis of $20,000. The inventory and capital asset have fair market values of $20,000 and $30,000, respectively. He will recognize no gain or loss of $fill in the blank 5f4d5d0af074052_2. The capital asset is allocated a basis of $fill in the blank 5f4d5d0af074052_3 and the inventory will have a basis of $fill in the blank 5f4d5d0af074052_4. d. Oscar has a partnership basis of $40,000. He receives a distribution of $10,000 of cash and an account receivable with a basis of $0
c. Neil has a partnership basis of $100,000. He receives $40,000 of cash, inventory with a basis to the partnership of $30,000, and a capital asset with a partnership basis of $20,000. The inventory and capital asset have fair market values of $20,000 and $30,000, respectively.
He will recognize no gain or loss of $fill in the blank 5f4d5d0af074052_2. The capital asset is allocated a basis of $fill in the blank 5f4d5d0af074052_3 and the inventory will have a basis of $fill in the blank 5f4d5d0af074052_4.
d. Oscar has a partnership basis of $40,000. He receives a distribution of $10,000 of cash and an
He will recognize a of $fill in the blank 7faaeffda02801c_2.
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