Question

When Bruno’s basis in his LLC interest is $150,000, he receives cash of $55,000, a proportionate share of inventory, and land in a distribution that liquidates both the LLC and his entire LLC interest. The inventory has a basis to the LLC of $45,000 and a fair market value of $48,000. The land’s basis is $70,000 and the fair market value is $60,000.
How much gain or loss does Bruno recognize and what is his basis in the inventory and land received in the distribution?


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  • CreatedSeptember 09, 2015
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