What is the amount of jody realized gain

Reference no: EM133371169

Question: Jody Foster is a one-third partner in the Foster Farms Partnership (calendar year-end). Foster Farms raises chickens for wholesale to stores like Kroger and Giant Eagle. Jody decides she wants to exit the partnership and receives a proportionate distribution to liquidate her partnership interest on January 1. The partnership has no liabilities and holds the following assets as of January 1:

Description Basis FMV

Cash $180,000 $180,000

Accounts Receivable 0 240,000

Stock Investment 75,000 120,000

Land 300,000 360,000

Total $555,000 $900,000

Jody receives one-third of each of the partnership assets. She has a basis in her partnership interest of $110,000.

Use the following format for all questions: Gains = $1,234; Losses = ($1,234)

What is the amount of Jody's realized gain/(loss) in the liquidation of her interest?

What is the amount of any recognized gain or loss to Jody?

What is Jody's basis in the stock investment?

Reference no: EM133371169

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