2008 Comprehensive Volume/Test Bank
Bill received $15,000 cash and a capital asset with a basis and fair market value of $35,000 in a
proportionate liquidating distribution. His basis in his partnership interest was $65,000 prior to the
distribution. How much gain or loss does Bill recognize, and what is his basis in the capital asset received
in the distribution?
Which of the following statements, if any, about an LLC is false?
p. 21-47 | p. 21-48