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Accounting

Craig received a cash distribution of $50,000 in liquidation of half of his one-fourth interest in White Family Partners. His tax basis in his partnership interest prior to the distribution was $35,000. The distribution was not a disproportionate distribution and the partnership had no liabilities.

a. How much gain or loss must Craig recognize on receipt of the distribution?

b. What will be his remaining basis in his partnership interest?

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M992564

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