When Bruno's basis in his LLC interest is $283,800, he receives cash of $113,520, a proportionate share of inventory, and land in a distribution that liquidates both the LLC and his entire LLC interest. The inventory has a basis to the LLC of $70,950 and a fair market value of $90,816. The land's basis is $127,710, and the fair market value is $113,520. How much gain or loss does Bruno recognize, and what is his basis in the inventory and land received in the distribution? If an amount is zero, enter "0". Bruno recognizes of $ Bruno's basis in the inventory is $ and his basis in the land is $
When Bruno's basis in his LLC interest is $283,800, he receives cash of $113,520, a proportionate share of inventory, and land in a distribution that liquidates both the LLC and his entire LLC interest. The inventory has a basis to the LLC of $70,950 and a fair market value of $90,816. The land's basis is $127,710, and the fair market value is $113,520. How much gain or loss does Bruno recognize, and what is his basis in the inventory and land received in the distribution? If an amount is zero, enter "0". Bruno recognizes of $ Bruno's basis in the inventory is $ and his basis in the land is $
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Exercise 11-13 (Algorithmic) (LO. 3)
When Bruno's basis in his LLC interest is $283,800, he receives
cash of $113,520, a proportionate share of inventory, and land in
a distribution that liquidates both the LLC and his entire LLC
interest. The inventory has a basis to the LLC of $70,950 and a
fair market value of $90,816. The land's basis is $127,710, and
the fair market value is $113,520. How much gain or loss does
Bruno recognize, and what is his basis in the inventory and land
received in the distribution?
If an amount is zero, enter "0".
Bruno recognizes
of $
Bruno's basis in the inventory is $
and his basis
in the land is $
%24
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