has no liabilities. Required: e1. If the two parcels of land had been inventory to Jimsoo, what are the tax consequences to Mikaere (amount and character of gain or loss)? c2. What is Mikaere's basis in distributed assets?
has no liabilities. Required: e1. If the two parcels of land had been inventory to Jimsoo, what are the tax consequences to Mikaere (amount and character of gain or loss)? c2. What is Mikaere's basis in distributed assets?
Chapter11: Partnerships: Distributions, Transfer Of Interests, And Terminations
Section: Chapter Questions
Problem 39P
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Transcribed Image Text:[The following information applies to the questions displayed below.)
Mikaere's basis in the Jimsoo Partnership is $55,000. In a proportionate liquidating distribution, Mikaere receives cash of
$7,400 and two capital assets:
Land B with a fair market value of $10,300 and a basis to Jimsoo of $16,600. Jimsoo has no liabilities.
Land A with a fair market value of $20,800 and a basis to Jimsoo of $16.600, and (2
Required:
e1. If the two parcels of land had been inventory to Jimsoo, what are the tax consequences to Mikaere (amount and character of gain
or loss)?
e2. What is Mikaere's basis in distributed assets?
Answer is complete but not entirely correct.
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Required C1 Required C2
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ences to Mikaere famount and character of
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