In Complete Liquidation of her Partnership Interest, Rose receives $60,000 in Cash and Unrealized Receivables (Adjusted Basis to partnership of $-0- and Fair Market Value of $8,000). Immediately before the Liquidation, Rose had a basis of $50,000 in her Partnership Interest. Rose's Recognized Gain from this transaction is: O $10,000 O $-0- $ 8,000. $50,000.
In Complete Liquidation of her Partnership Interest, Rose receives $60,000 in Cash and Unrealized Receivables (Adjusted Basis to partnership of $-0- and Fair Market Value of $8,000). Immediately before the Liquidation, Rose had a basis of $50,000 in her Partnership Interest. Rose's Recognized Gain from this transaction is: O $10,000 O $-0- $ 8,000. $50,000.
Chapter11: Partnerships: Distributions, Transfer Of Interests, And Terminations
Section: Chapter Questions
Problem 3BCRQ
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Transcribed Image Text:In Complete Liquidation of her Partnership Interest, Rose receives $60,000 in Cash and Unrealized Receivables (Adjusted Basis to
partnership of $-0- and Fair Market Value of $8,000). Immediately before the Liquidation, Rose had a basis of $50,000 in her Partnership
Interest. Rose's Recognized Gain from this transaction is:
O $10,000.
O $-0-.
$ 8,000.
Ⓒ $50,000.
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ISBN:
9780357109731
Author:
Hoffman
Publisher:
CENGAGE LEARNING - CONSIGNMENT