QUESTION 4 - Liquidating Distributions In a proportionate liquidating distribution, Ashleigh receives a distribution of accounts receivable (basis to...
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QUESTION 4 – Liquidating Distributions In a proportonaTe liquidatng disTributon, Ashleigh receives a disTributon of accounTs receivable (basis To The parTnership of $0, fair markeT value of $40,000), and land (basis To The parTnership of $40,000, fair markeT value of $50,000). In additon, The parTnership repays all liabilites, of which Ashleigh’s share was $70,000. Ashleigh’s basis in The entTy immediaTely before The disTributon was $60,000, which includes her share of ParTnership liabilites. As a resulT of The disTributon, whaT is Ashleigh’s basis in The accounTs receivable and land, and how much gain or loss does she recognize?
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Sorry Please check this answer: $0 basis in accounts receivable; $0 basis in land; $10,000 gain. Ashleighs... View the full answer

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