Pablo has a $194,600 basis in his partnership interest. On May 9 of the current tax year, the partnership distributes to him, in a proportionate current distribution, cash of $77,840, cash basis receivables with an inside basis of $0 and a fair market value of $48,650, and land with a basis and fair market value to the partnership of $252,980. If an amount is zero, enter "0". a. How much is Pablo's realized and recognized gain on the distribution? Pablo has a realized gain on the distribution of $ and a recognized gain of $ b. What is Pablo's basis in the receivables, land, and partnership interest following the distribution? The receivables have a basis of $ interest after the distribution is $ and the land has a basis of $ to Pablo. His basis in his partnership
Pablo has a $194,600 basis in his partnership interest. On May 9 of the current tax year, the partnership distributes to him, in a proportionate current distribution, cash of $77,840, cash basis receivables with an inside basis of $0 and a fair market value of $48,650, and land with a basis and fair market value to the partnership of $252,980. If an amount is zero, enter "0". a. How much is Pablo's realized and recognized gain on the distribution? Pablo has a realized gain on the distribution of $ and a recognized gain of $ b. What is Pablo's basis in the receivables, land, and partnership interest following the distribution? The receivables have a basis of $ interest after the distribution is $ and the land has a basis of $ to Pablo. His basis in his partnership
Chapter21: Partnerships
Section: Chapter Questions
Problem 25CE
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Transcribed Image Text:Pablo has a $194,600 basis in his partnership interest. On May 9 of the current tax year, the partnership distributes to him, in a
proportionate current distribution, cash of $77,840, cash basis receivables with an inside basis of $0 and a fair market value of $48,650,
and land with a basis and fair market value to the partnership of $252,980.
If an amount is zero, enter "0".
How much is Pablo's realized and recognized gain on the distribution?
Pablo has a realized gain on the distribution of $
b.
and a recognized gain of $
What is Pablo's basis in the receivables, land, and partnership interest following the distribution?
The receivables have a basis of $
and the land has a basis of $
to Pablo. His basis in his partnership
interest after the distribution is $
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ISBN:
9780357109731
Author:
Hoffman
Publisher:
CENGAGE LEARNING - CONSIGNMENT