Question: When Bruno's basis in his interest in the MNO LLC is $150,000, he receives cash of $55,000, a proportionate share of inventory, and land in

When Bruno's basis in his interest in the MNO LLC is $150,000, he receives cash of $55,000, a proportionate share of inventory, and land in a that liquidates MNO and his interest in the LLC. The inventory has a basis to the entity of $45,000 and a fair market value of $48,000. The land's basis is $70,000, and its fair market value is $60,000. Compute Bruno's recognized gain or loss from the liquidating and his tax basis in the inventory and land?

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