Cliff’s basis in his aero partnership interest is $19,200. cliff receives a distribution of $30,600 cash from aero in complete liquidation of his interest. aero is an equal partnership with the following balance sheet: tax basis fmv assets: cash $ 30,600 $ 30,600 investment 23,400 23,400 land 3,600 39,600 totals $ 57,600 $ 93,600 liabilities and capital: capital chris 19,200 cliff 19,200 cooper 19,200 totals $ 57,600what is the amount and character of cliff’s recognized gain or loss?

Cash flows during the first year of operations for the harman-kardon consulting company were as follows: cash collected from customers, $360,000; cash paid for rent, $44,000; cash paid to employees for services rendered during the year, $124,000; cash paid for utilities, $54,000.in addition, you determine that customers owed the company $64,000 at the end of the year and no bad debts were anticipated. also, the company owed the gas and electric company $2,400 at year-end, and the rent payment was for a two-year period. calculate accrual net income for the year.