Pablo has a $153,800 basis in his partnership interest. On May 9 of the current tax...

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Pablo has a $153,800 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 $61,520, cash basis receivables with an inside basis of $0 and a fair market value of $38,450, and land with a basis and fair market value to the partnership of $199,940. 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 $ and the land has a basis of $ to Pablo. His basis in his partnership interest after the distribution is $ Pablo has a $153,800 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 $61,520, cash basis receivables with an inside basis of $0 and a fair market value of $38,450, and land with a basis and fair market value to the partnership of $199,940. 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 $ and the land has a basis of $ to Pablo. His basis in his partnership interest after the distribution is $

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Answer a P has a realized gain on the distribution of 580... View the full answer