Reference no: EM132409704
Question
Adjusted Basis FMV
Cash $300,000 $300,000
Receivables 0 100,000
Capital assets 60,000 80,000
Total$ 360,000 $480,000
Gina, capital $90,000 $120,000
Adelle, capital 180,000 240,000
Britney, capital 90,000 120,000
Total $360,000 $480,000
On December 31, Gina receives a distribution of $140,000 cash in liquidation of her partnership interest. Nothing is stated in the partnership agreement about goodwill. Gina's outside basis for the partnership interest immediately before the distribution is $90,000.
(1) How much is Gina's recognized gain from the distribution?
(2) How much can GAB claim as a deduction?
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