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What is donald basis in land he receives in distribution

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Question - In a proportionate liquidating distribution of his 40% interest in DDS LLC, Donald received cash ($100,000), land (basis of $60,000 and value of $90,000), and unrealized receivables (basis of $0 and value of $40,000). In addition, Donald is relieved of his $80,000 share of the LLC's liabilities. Donald's basis in DDS (including his share of LLC liabilities) was $200,000 immediately prior to this distribution.

a. How much gain or loss does Donald recognize on this distribution?

b. What is Donald's basis in the receivables he receives in the distribution?

c. What is Donald's basis in the land he receives in the distribution?

Reference no: EM133014427

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