Nicole's basis in her partnership interest was $160,000, including her $50,000 share of partnership liabilities. The partnership decides to liquidate, and after repaying all liabilities, distributes all remaining assets proportionately to the partners. Nicole receives $30,000 cash and accounts receivable with a $50,000 basis and a $52,000 fair market value to the partnership. What gain or loss does Nicole recognize, and what is her basis in the accounts receivable? O $60,000 loss; $50,000 basis. O $30,000 loss; $50,000 basis. O $28,000 loss; $52,000 basis. O $78,000 loss; $52,000 basis. $0 loss; $80,000 basis.

Nicole's basis in her partnership interest was $160,000, including her $50,000 share of partnership liabilities. The partnership decides to liquidate, and after repaying all liabilities, distributes all remaining assets proportionately to the partners. Nicole receives $30,000 cash and accounts receivable with a $50,000 basis and a $52,000 fair market value to the partnership. What gain or loss does Nicole recognize, and what is her basis in the accounts receivable? O $60,000 loss; $50,000 basis. O $30,000 loss; $50,000 basis. O $28,000 loss; $52,000 basis. O $78,000 loss; $52,000 basis. $0 loss; $80,000 basis.

SWFT Corp Partner Estates Trusts

42nd Edition

ISBN:9780357161548

Author:Raabe

Publisher:Raabe

Chapter11: Partnerships: Distributions, Transfer Of Interests, And Terminations

Section: Chapter Questions

Problem 39P

See similar textbooks