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How much gain or loss will harry recognize on distribution

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Question - Harry has an outside basis of $100,000 in the HAB Partnership as of December 31 of the current year. On that date the partnership liquidates and distributes to Harry a proportionate distribution of $30,000 cash and inventory with an inside basis to the partnership of $36,000 and a fair market value of $40,000. In addition, Harry receives a filing cabinet which has an inside basis and fair market value of $100 and $250, respectively. None of the distribution is for partnership goodwill. How much gain or loss will Harry recognize on the distribution, and what basis will he take in the filing cabinet?

 

Reference no: EM131760803

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