Reference no: EM132764918
Question: Ray was a one-third partner in RJS partnership until he received a distribution of the following assets form the partnership which reduced his interest in capital & profits of the partnership to zero 0%.
Cash $10,000
Land- w/ basis to the partnership of $40,000 & a fair market value of $100,000
Marketable Securities- w/ basis to the partnership of $20,000 & a fair market value of $30,000
The land was encumbered by a mortgage of $20,000 which Ray assumed upon distribution of the land
Just prior to this distribution, Ray's one-third share of partnership liabilities of $60,000. (Total partnership liabilities were $180,000 at the time of distribution).
How much gain or loss, if any, does Ray recognize on this distribution?
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