# week 10.docx - 32 a Clay will not recognize any gain or...

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32. a. Clay will not recognize any gain or loss in receipt of property in non-liquidating distribution. The property’s carrying value shall be reduced from the partner’s tax basis. b. The basis will he take in the property received from the partnership is equal to \$18,000. c. The remaining basis in the partnership interest equal to \$25,000 - \$18,000 = \$7,000. 34. a. Craig will recognize on receipt of the distribution equal to 50,000 – 35,000 = \$15,000 b. The remaining basis in the partnership interest is equal to \$15,000. 36. a. Jonna will recognize zero of gain on the distribution of the property, because of the non-liquidating dividend. b. The carrying value of the property of \$22,000 will become the basis for J in the property received. 38. a. Amy will recognize zero of gain on the distribution of the non-liquidating distribution. b. The basis of property 1 is 24,000, property 2 is 23,000, property 3 is 22,000. c. The basis is restricted to \$69,000. d. The basis will be the same as \$69,000.

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42. a. Sarah will recognize zero of the liquidating distributions.
• Fall '19
• Capitalism, partner’s tax basis, receipt of property, Matt’s tax basis

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