Partner N of the LMN partnership receives a liquidating distribution of the following:
	Basis	FMV
Cash	$ 40,000	$ 40,000
Inventory	$ 47,500	$ 32,500
Unrealized Receiv.	$ 15,000	$ 60,000
Land	$ 50,000	$ 45,000
N's basis in her partnership interest was $265,000. What is her gain or loss (if any) and the bases of the assets distributed to her?

Answer rating: 100% (QA)

To determine Partner Ns gain or loss and the bases of the assets distributed to her we need to compare the fair market value FMV and the partners basi... View the full answer