In a proportionate liquidating distribution, Sam receives a…In a proportionate liquidating distribution, Sam receives a distribution of $30,000 cash, accounts receivable basis is zero and FMV is $50,000, land basis is $20,000 and FMV of $50,000. In addition, the partnership repays all liabilities, of which Sam’s share was $40,000. Sam’s basis in the entity immediately before the distribution was $120,000. As a result of the distribution, what is Sam’s basis in the accounts receivable and the land, and how much gain or loss does he recognize?Accounting Business Financial Accounting TAX 612
solved : In a proportionate liquidating distribution, Sam receives a.
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