Partner Z of the XYZ partnership receives a liquidating distribution of the following: Basis FMV Cash $40,000 $40,000 Inventory $30,000 $45,000 Unrealized receivables $50,000 $45,000 Z’s basis in her partnership interest was $95,000. What is her gain or loss and the bases of the assets distributed to her?
Partner Z of the XYZ partnership receives a liquidating distribution of the following: Basis FMV Cash $40,000 $40,000 Inventory $30,000 $45,000 Unrealized receivables $50,000 $45,000 Z’s basis in her partnership interest was $95,000. What is her gain or loss and the bases of the assets distributed to her?
Chapter11: Partnerships: Distributions, Transfer Of Interests, And Terminations
Section: Chapter Questions
Problem 1BCRQ
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. Partner Z of the XYZ partnership receives a liquidating distribution of the following:
Basis FMV
Cash $40,000 $40,000
Inventory $30,000 $45,000
Unrealized receivables $50,000 $45,000
Z’s basis in her partnership interest was $95,000. What is her gain or loss and the bases of the assets distributed to her?
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ISBN:
9780357109731
Author:
Hoffman
Publisher:
CENGAGE LEARNING - CONSIGNMENT