Lola owns a one-half interest in the Lenax LLC. Her basis in this ownership interest is $22,000
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Lola owns a one-half interest in the Lenax LLC. Her basis in this ownership interest is $22,000 on December 31, 2016, after accounting for the calendar year LLC’s 2016 operations. On that date, the LLC distributes $25,000 cash to Lola in a proportionate non liquidating distribution.
She recognizes a $___________ from this distribution.
Related Book For
Fundamental Financial Accounting Concepts
ISBN: 978-0078025907
9th edition
Authors: Thomas Edmonds, Christopher Edmonds
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