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Example 4 anne a partner received property in a non

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EXAMPLE 4Anne, a partner, received property in a non-liquidating transfer.No money was distributed to Anne during the year, the property was in the partnership for over five years, and no debtwas attached to the property.Anne had a basis in her partnership interest of $10,000.The partnership had an adjusted basis of $20,000 in the property distributed to Anne.What are the tax consequences to Anne?
EXAMPLE 5Michael's adjusted basis in the MW Partnership was $20,000 at the time he received the following non-liquidatingdistribution:Cash of $5,000Equipment with an adjusted basis to the partnership of $8,000 and a FMV of $10,000.What is the gain/loss Michael will recognize on this transaction?0FMV
EXAMPLE 6Ryan's adjusted basis in his Lux Partnership interest was $18,000 at the time Ryan received the following non-liquidatingdistributions of partnership property:Cash10,000LandAdjusted basis 14,000Fair market value20,000
EXAMPLE 7Stone's basis in Ace Partnership was $70,000Stone received a non-liquidating distribution of partnership capital assets.These capital assets had an adjusted basis of $65,000 to Ace and a FMV of $83,000.Ace had no unrealized receivables, appreciated inventory, or properties which had been contributed by its partners.What was Stone's recognized gain or loss on the distribution?0Beginning basis70,000Capital assets adjusted basis(65,000)Remaining basis in the partnership5,000

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Term
Fall
Professor
Unknown
Tags
Corporation, partner

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