Business, 02.08.2019 23:20, Calliedevore

Daniela is a 25% partner in the jrd partnership. on january 1, jrd makes a proportionate, liquidating distribution of $16,000 cash, inventory with a $16,000 fair value (inside basis $8,000), and accounts receivable with a fair value of $8,000 (inside basis of $12,000) to daniela. jrd has no liabilities at the date of the distribution. daniela's basis in her jrd partnership interest is $20,000. what is the amount and character of daniela's gain or loss from the distribution?
1. $0
2. $16,000 ordinary income
3. $16,000 capitol gain
4. $20,000 capitol gain

Answers: 3

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