Partner L received a $55,000 cash distribution from the KLM Partnership in liquidation of his 25 interest Immediately prior to distribution, L's outside basis was $48,000 KLM had the following balance sheet Inside Basis FMV Cash S 57,000 $ 57,000 Inventory 45,000 53,000 $1231 and capital assets 90...

The basis of Ls capital 40000 Fair ...

Partner L received a $55,000 cash distribution from the KLM Partnership in liquidation of his 25%...

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South Western Federal Taxation 2016 Corporations Partnerships Estates and Trusts

ISBN: 9781305399884

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Authors: James Boyd, William Hoffman, Raabe, David Maloney, Young

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