Partner Michael received a distribution of $80,000 cash from the ABC Partnership in complete liquidation of his partnership interest. If Michael's outside basis immediately before the distribution was $200,000, Michael's recognized gain or recognized loss is: $-0- recognized gain and $-0- recognized loss. $120,000 recognized gain. $120,000 recognized loss. $80,000 recognized gain.
Partner Michael received a distribution of $80,000 cash from the ABC Partnership in complete liquidation of his partnership interest. If Michael's outside basis immediately before the distribution was $200,000, Michael's recognized gain or recognized loss is: $-0- recognized gain and $-0- recognized loss. $120,000 recognized gain. $120,000 recognized loss. $80,000 recognized gain.
Chapter21: Partnerships
Section: Chapter Questions
Problem 25CE
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ISBN:
9780357109731
Author:
Hoffman
Publisher:
CENGAGE LEARNING - CONSIGNMENT