Williams basis in the wam partnership interest was 100000, Ask an Expert

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William's basis in the WAM Partnership interest was $100,000 just before he received a proportionate liquidating distribution consisting of investment land (basis of $30,000, fair market value $40,000), and inventory (basis of $30,000, fair market value $70,000). After the distribution, what are William's recognized gain or loss and his basis in the land and inventory?

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M979522

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