62. In a proportionate liquidating distribution, Alexandria receives a distribution of $70,000 cash, accountsreceivable (basis of $0, fair market value of $20,000), and land (basis of $30,000, fair market value of $60,000).In addition, the partnership repays all liabilities, of which Alexandria＇s share was $40,000. Alexandria＇sbasis in the entity immediately before the distribution was $90,000. As a result of the distribution, what isAlexandria＇s basis in the accounts receivable and land, and how much gain or loss does she recognize?
63. In a proportionate liquidating distribution, Sara receives a distribution of $40,000 cash, accounts receivable(basis of $0, fair market value of $30,000), and inventory (basis of $50,000, fair market value of $60,000).Sara＇s basis in the entity immediately before the distribution was $120,000. As a result of the distribution,what is Sara＇s basis in the accounts receivable and inventory, and how much gain or loss does she recognize?
64. Which of the following statements correctly reflects the rules regarding proportionate liquidatingdistributions?
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- Balance Sheet, basis, Managing Partner, fair market value
