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What is stephanie recognized gain or loss

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Reference no: EM131781288

Question - Please answer the following questions based on this fact pattern. Please note, the calculations for these questions should not include any decimal points. As such, you should not round up or down on any decimal points, but simply use the whole amount figure.

1. ABC Partnership makes a proportionate liquidating distribution to Stephanie of $156,000 in cash, machinery worth $60,000 with a basis of $20,000, a vehicle worth $2,000 with a basis of $10,000 and inventory worth $100,000 and a basis of $105,000. Stephanie is also relieved of debt in the amount of $70,000. Stephanie has an outside basis in the partnership of $339,000. What is Stephanie' recognized gain or loss on the distribution?

A. $156,000

B. $24,000

C. ($24,000)

D. $0

2. What is Stephanie's basis in the machinery that was distributed in the liquidation?

A. $21345

B. $23985

C. $20,000

D. $20154

E. $20119

3. What is Stephanie's basis in the vehicle that was distributed in the liquidation?

A. $1908

B. $1989

C. $1900

D. $2000

4. What is Stephanie's basis in the vehicle that was distributed in the liquidation?

A. $1908

B. $1989

C. $1900

D. $2000

Reference no: EM131781288

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