When Magdalenas outside basis is $58,000, she receives a liquidating distribution of $15,000 cash and a proportionate
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When Magdalena’s outside basis is $58,000, she receives a liquidating distribution of $15,000 cash and a proportionate share of inventory having a partnership basis of $20,000 and a fair market value of $24,000. The distribution results in a liquidation of both the partnership and her interest.
a. How much is Magdalena’s basis in the inventory received?
Magdalena’s basis in the inventory $_____ and her unutilized outside basis is $_______ .
Related Book For
South Western Federal Taxation 2016 Corporations Partnerships Estates and Trusts
ISBN: 9781305399884
39th edition
Authors: James Boyd, William Hoffman, Raabe, David Maloney, Young
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