Business, 22.07.2019 23:10 BlueExorcistReaper
Pettifog partnership distributes cash of $20,000, hot assets worth $5,000, and a parcel of land in a liquidating distribution to li, a partner. the hot assets have a basis of $0 to the partnership. the land has a fair market value of $80,000 and an inside basis of $55,000. li’s outside basis in pettifog just prior to the distribution is $85,000. what amount of gain or loss, if any, must li recognize and what is li’s resulting basis in the land?
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Pettifog partnership distributes cash of $20,000, hot assets worth $5,000, and a parcel of land in a...
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