Question: CHAPTER 11 MASTERY Problem 11-32 (a) (LO. 3) Crystal's basis in her partnership interest is $293,000. In a proportionate distribution in liquidation of the partnership,

CHAPTER 11 MASTERY

Problem 11-32 (a) (LO. 3)

Crystal's basis in her partnership interest is $293,000. In a proportionate distribution in liquidation of the partnership, Crystal receives $81,000 cash and two parcels of land with bases of $120,000 and $40,000, respectively, to the partnership. The partnership holds both parcels of land for investment, and the parcels have fair market values of $120,000 and $60,000 respectively.

Round any division to two decimal places and use rounded amounts in subsequent computations.

a.Does Crystal recognize any gain or loss on the distribution?

No gain or loss is recognized

b.Crystal's basis in the first property is $ , and her basis in the second property is $ .

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