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What is the amount and character of Randolph gain or loss

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Reference no: EM132961132

Question - Randolph is a 30 percent partner in the RD Partnership. On January 1, RD distributes $20,000 cash and inventory with a fair value of $52,000 (inside basis of $26,000) to Randolph in complete liquidation of his interest. RD has no liabilities at the date of the distribution. Randolph's basis in his RD Partnership interest is $48,750. What is the amount and character of Randolph's gain or loss on the distribution?

-$0 Gain or Loss

-$23,250 Capital Gain

-$23,250 Capital Loss

-$2,750 Capital loss

Reference no: EM132961132

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