10In a liquidating distribution Ann receives cash of $3,000, inventory in which thepartnership's basis was $1,800, and land in which the partnership's basis was $10,000. Herbasis in her interest was $25,000.What's her gain or loss on the distribution?What's her basis in the inyentory?What's her basis in the land?Now suppose only the cash and inventory were distributed and not the land-how muchgain or loss wvould she have and what would her basis in the inventory be?

Given as, Received amount= $3,000, Inventory Partnership basis= $1,800, Land partnership basis=…

Answered: basis was $1,800, and land in which…

Business

Accounting

basis was $1,800, and land in which aterest was $25,000. in or loss on the distribution?

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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Question

10
In a liquidating distribution Ann receives cash of $3,000, inventory in which the
partnership's basis was $1,800, and land in which the partnership's basis was $10,000. Her
basis in her interest was $25,000.
What's her gain or loss on the distribution?
What's her basis in the inyentory?
What's her basis in the land?
Now suppose only the cash and inventory were distributed and not the land-how much
gain or loss wvould she have and what would her basis in the inventory be?

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