Jonna is a one-fourth partner in Andersen Partners. At the end of the year, her tax basis
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Jonna is a one-fourth partner in Andersen Partners. At the end of the year, her tax basis in her partnership interest was \(\$ 25,000\). At that time, she received a non-liquidating distribution from the partnership of property with a tax basis of \(\$ 22,000\) and a fair market value of \(\$ 38,000\). The distribution was not a disproportionate distribution.
a. How much gain must Jonna recognize on receipt of the distribution from the partnership?
b. What basis will she take in the property received?
c. How would your answers change if the tax basis of the property had been \(\$ 38,000\) and its fair market value had been \(\$ 50,000\) ?
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a To determine the gain that Jonna must recognize on the receipt of the distribution from the partne...View the full answer
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Related Book For 
CCH Federal Taxation 2019 Comprehensive Topics
ISBN: 9780808049081
2019 Edition
Authors: Ephraim P. Smith, Philip J. Harmelink, James R. Hasselback
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