Explain how much gain or loss does martha recognize

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Reference no: EM13121902

Q. Martha receives a proportionate non-liquidating distribution when the basis of her partnership interest is $50000. The distribution consists of $60000 cash and non-inventory property (adj basis to the partnership of $20000, FMV of $23000). Explain how much gain or loss does Martha recognize and illustrate what is her basis in the distributed property and in her partnership interest following the distribution?

Reference no: EM13121902

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