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What is each partner gain or loss

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Question - Audrey and Bill are equal partners in the AB partnership. AB has the following assets:

Adjusted Basis FMV

Cash 120 120

Accounts Receivable 0 60

Inventory 60 60

Land (investment) 240 120

Total 420 360

Audrey's basis in her partnership interest is $200. Bill's basis is $150. Audrey and Bill purchased their interests from Cathy and

Denis in separate transactions, without causing a termination of the partnership. The partnership never made a section 754 election.

What is each partner's gain or loss and basis in the distributed assets if the partnership is liquidated and Audrey and Bill each receives one-half of each asset?

Reference no: EM132038153

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