Reference no: EM132842397
Problem 1: Francine has basis in her general partnership interest of? $60,000. In a liquidating distribution? , she receives land with a fair market value of? $75,000 and a tax basis of? $30,000. In addition? ,after the distribution she is no longer a partner and is no longer liable for partnership debt. Her share of partnership debt immediately before the liquidating distribution was? $20,000. As a result of this liquidating distribution what gain must recognize and what is her basis in the? land?
A. No gain recognized? , basis in land? $40,000
B. No gain recognized? , basis in land? $30,000
C. Gain recognized? $35,000 , basis in land? $75,000
D. No gain? recognized, basis in land? $60,000
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