Explain how much gain or loss does he recognize

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Q. In a proportionate liquidating distribution scott receives a distribution of $20,000 cash, a/r (basis of $0 FMV $40000, and land (basis of $30,000 FMV $60000). The partnership repays all liabilities scots share was $20000. Scots basis in the entity immediately before the distribution was $100000. As a result of the distribution illustrate what is scotts basis in the a/r and land, and explain how much gain or loss does he recognize?

Reference no: EM13121896

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