Isabella is a 30% partner in the ITV Partnership. On January 1, ITV distributes $32,000 cash, inventory with a $32,000 fair value (inside basis $16,000), and accounts receivable with a fair value of $16,000 (inside basis of $24,000). ITV has no liabilities at the date of the distribution. Isabella's basis in ITV is $40,000. What is the amount and character of Isabella's gain or loss from the liquidating distribution?

$0

Explanation:

We know that:

ITV Distribute s:

Therefore, we calculate Isabella's net gain or loss

$32000 × 30% = $9,600 Cash

$32000 × 30% = $9,600 Inventory

$24000 × 30% = $7,200 Receivable

The total amount is

$9600 + $4800 + $7200 =$21,600

Therefore Isabella's net gain or loss will be  $40,000 - $21,600 = $18,400.

From the calculations, Isabella will have $0 gain or loss from the liquidating distribution

the correct answer would be b, when, queen, calder hall and london.

explanation:

we always capitalize words when a paragraph or sentence is starting, when an important name is used, when a place is being written, or simply when a noun is used, etc. so in this sentence, sentence is starting from 'when', so it will be written in capital letters. secondly, queen is considered to be an important person, so it will also be written in capital letter. next, the name of the town is mentioned, i-e calder hall, which will also be written in capital letters. in the last,   city name is being used, 'london', which will also be written in capital letters. so option b is the most appropriate one.

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