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Business, 30.07.2020 03:01 manaspercy

Zelda Partnership holds cash of $30,000 and inventory worth $60,000 (basis equals $42,000). Zelda makes a $30,000 cash liquidating distribution to Link, a one-third partner with an outside basis of $24,000. How much gain or loss, if any, does Link recognize

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Zelda Partnership holds cash of $30,000 and inventory worth $60,000 (basis equals $42,000). Zelda ma...
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