Ask Question
BusinessBusiness
29 June, 12:07

Landis received $90,000 cash and a capital asset (basis of $50,000, fair market value of $60,000) in a proportionate liquidating distribution. His basis in his partnership interest was $120,000 prior to the distribution. How much gain or loss does Landis recognize, and what is his basis in the asset received

+1
Answers (1)
  1. 29 June, 12:13
    0
    Landis recognize $0 gain or loss and basis in the asset received is $30,000 basis

    Explanation:

    Landis recognizes a profit or loss of $ 0 and has a basis of $ 30,000 in assets received because the cash received by Landis is less than his basis in his partnership interest, and no gain is recognized on the proportion of liquid liquidation. The capital asset takes on an alternative basis of $ 30,000, which is the remaining balance in Landis' interest after the cash is provided.
Know the Answer?
Not Sure About the Answer?
Find an answer to your question 👍 “Landis received $90,000 cash and a capital asset (basis of $50,000, fair market value of $60,000) in a proportionate liquidating ...” in 📗 Business if the answers seem to be not correct or there’s no answer. Try a smart search to find answers to similar questions.
Search for Other Answers
You Might be Interested in
B. what is the maximum total depreciation expense, including §179 expense, that amp may deduct in 2017 on the assets it placed in service in 2017 assuming no bonus depreciation?
Answers (1)
Puffer Consultants, a business consulting firm, wants to attract and keep highly ambitious employees who work hard and want to advance in their careers. Which benefit would especially appeal to this type of employee? A. a 529 savings plan B.
Answers (1)
A firm has a fixed cost of $200 in its first year of operation. When the firm produces 99 units of output, its total costs are $4,000. The marginal cost of producing the 100th unit of output is $700. What is the total cost of producing 100 units
Answers (1)
When the price level decreases: Group of answer choices The demand for money falls and the interest rate falls Holders of financial assets with fixed money values decrease their spending Holders of financial assets with fixed money values have less
Answers (2)
The xyz widget factory can produce 80 widgets in a day at a total cost of $8,000 and it can produce 100 widgets a day at a total cost of $10,000. a. what are the company's daily fixed costs and marginal cost per widget?
Answers (1)
New Questions in Business
Adamson Company manufactures four lines of garden tools. As a result of an activity analysis, the accounting department has identified eight activity cost pools.
Answers (1)
Compute the 2019 Federal income tax liability and the marginal and effective tax rates in each of the following independent cases. Click here to access the 2019 tax rate schedule. If required, round the tax liability the nearest dollar.
Answers (1)
For a portfolio of 40 randomly selected stocks, which of the following is most likely to be true? a. The beta of the portfolio is less than the weighted average of the betas of the individual stocks. b.
Answers (1)
What publication can give you an idea of how administrative jobs are going to change in the future? A: Office Pro B: Occupational Outlook Handbook C: From 9 to 5 D: The Executary
Answers (1)
At a four-way stop, if two cars arrive at the intersection at the same time: A) the larger car has the right of way B) the vehicle on the right yields to the vehicle on the left C) the smaller car has the right of way D) the vehicle on the left
Answers (1)
Home » Business » Landis received $90,000 cash and a capital asset (basis of $50,000, fair market value of $60,000) in a proportionate liquidating distribution. His basis in his partnership interest was $120,000 prior to the distribution.
Sign Up Forgot Password?