How much gain or loss must barry recognize

Reference no: EM13129489

Partnership makes a liquidating distribution of 90,000 cash to barry and the remaining partners assume his shares if the liabilities. (barry basis 40,000 and fmv 85,000. How much gain or loss must barry recognize, and how is it characterized. Account receivable fmv 90,000 three partners.

Reference no: EM13129489

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