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How much is Magdalena basis in the inventory received

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Problem - When Magdalena's outside basis is $58,000, she receives a liquidating distribution of $15,000 cash and a proportionate share of inventory having a partnership basis of $20,000 and a fair market value of $24,000. The distribution results in a liquidation of both the partnership and her interest.

Required -

a. How much is Magdalena's basis in the inventory received?

b. What is the amount of any gain or loss recognized on the liquidation?

Reference no: EM132648287

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