The character of the gain to be reported by barbara

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Reference no: EM13342511

Barbara Bayes, a one-third partner in the Sherman Court Partnership, received a $95,000 cash payment in complete liquidation of her partnership interest. Barbara's basis in her partnership interest was $71,667. The balance sheet of Sherman Court on the distribution date was:

Basis

FMV

Cash

$150,000

$150,000

Accounts receivable

-0-

60,000

Inventory

15,000

50,000

Land

50,000

90,000

$215,000

$350,000

Liabilities

$65,000

$65,000

Abner's capital

50,000

95,000

Barbara's capital

50,000

95,000

Charles' capital

50,000

95,000

$215,000

$350,000
Determine the amount and the character of the gain to be reported by Barbara

Reference no: EM13342511

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