Business, 06.06.2020 21:05, Oregonduckerz

When Magdalena's outside basis is $58,000, she receives a liquidating distribution of $15,000 cash and a proportionate share of inventory having a partnership basis of $20,000 and a fair market value of $24,000. The distribution results in a liquidation of both the partnership and her interest. A. How much is Magdalena’s basis in the inventory received? Magdalena’s basis in the inventory $24000 and her unutilized outside basis is $19000B. What is the amount of any gain or loss recognized on the liquidation?

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When Magdalena's outside basis is $58,000, she receives a liquidating distribution of $15,000 cash a...