Reference no: EM133075840
Question - In a proportionate liquidating distribution in which the partnership is liquidated, Jessica received cash of $35,000, accounts receivable (basis of $2,000, fair market value of $100,000), and equipment (basis of $12,000 and fair market value of $40,000). In addition, Jessica's beginning and ending share of partnership debt was $22,000 and $0, respectively. Immediately before the distribution, Jessica's basis in the partnership interest was $195,000.
What, if any, gain or loss does Jessica have from the distribution?
What is Jessica's basis in the accounts receivable? The equipment?
Assume the same facts except that Jessica did not receive the equipment (only cash/debt relief and A/R), what gain or loss, if any, does Jessica have from the distribution?
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