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How would you characterize the total of gain

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Reference no: EM132762811

Question: ABCD is a cash basis partnership & has 4 equal (25%) partners. ABCD has the following assets with no liabilities:

Cash $200,000

Uncollected Receivables- Basis to ABCD of $0 & FMV $100,000

Land- Basis to ABCD $50,000 & FMV $95,000

Inventory- Batch#1- Basis to ABCD of $55,000, FMV $60,000

Inventory- Batch #2- Basis to ABCD of $100,000, FMV $140,000

Total Basis $400,000, Total FMV $600,000

Partner A receives a liquidating distribution of $150,000 in cash when A's basis in his partnership interest was $100,000 just prior to the liquidating distribution.

How would you characterize the total of $50,000 gain from this liquidating distribution?

Reference no: EM132762811

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