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A partner receives the following in a liquidating distribution: Basis $12,000 FMV $12,000 4,000 0 8,000 3,000 Cash Accounts receivable (A/R) Land The partner's basis in the partnership immediately prior to the distribution is $25,000. What is the patner's basis in the A/R and the land immeidately after the liquidating distribution? O A/R $4,000; land $3,000 O A/R $0: land $13,000 O A/R $13,000; land $0 O A/R $0; land $8,000 O A/R $4,000; land $8,000

A partner receives the following in a liquidating distribution: Basis $12,000 FMV $12,000 4,000 0 8,000 3,000 Cash Accounts receivable (A/R) Land The partner's basis in the partnership immediately prior to the distribution is $25,000. What is the patner's basis in the A/R and the land immeidately after the liquidating distribution? O A/R $4,000; land $3,000 O A/R $0: land $13,000 O A/R $13,000; land $0 O A/R $0; land $8,000 O A/R $4,000; land $8,000

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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A partner receives the following in a liquidating distribution: Basis FMV $12,000 Cash Accounts receivable (A/R) Land The partner's basis in the partnership immediately prior to the distribution is $25,000. What is the patner's basis in the A/R and the land immeidately after the liquidating distribution? O A/R $4,000; land $3,000 OA/R $0; land $13,000 O A/R $13,000; land $01 O A/R $0; land $8,000 O $12,000 4,000 0 8,000 3,000 A/R $4,000; land $8,000
Transcribed Image Text:A partner receives the following in a liquidating distribution: Basis FMV $12,000 Cash Accounts receivable (A/R) Land The partner's basis in the partnership immediately prior to the distribution is $25,000. What is the patner's basis in the A/R and the land immeidately after the liquidating distribution? O A/R $4,000; land $3,000 OA/R $0; land $13,000 O A/R $13,000; land $01 O A/R $0; land $8,000 O $12,000 4,000 0 8,000 3,000 A/R $4,000; land $8,000
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