Feela is a one-third partner in Alchemy LLC, which is taxed as a partnership. Her basis prior
Question:
Feela is a one-third partner in Alchemy LLC, which is taxed as a partnership. Her basis prior to Alchemy paying Feela a $11,000 cash distribution is $27,000. How much income does Feela recognize from the distribution and what is her basis in Alchemy after the distribution?
a. $11,000 income and $27,000 basis
b. $0 income and $16,000 basis
c. $11,000 income and $16,000 basis
d. $0 income and $27,000 basis
e. None of these choices
DistributionThe word "distribution" has several meanings in the financial world, most of them pertaining to the payment of assets from a fund, account, or individual security to an investor or beneficiary. Retirement account distributions are among the most...
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Related Book For 
Income Tax Fundamentals 2019
ISBN: 9781337703062
37th Edition
Authors: Gerald E. Whittenburg, Steven Gill
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