Business, 11.12.2019 19:31 legendman27
Martin has an adjusted basis in his one-fifth interest in gateway partners of $45,000. the partnership has no liabilities and no hot assets. martin receives a distribution of $33,000 cash in complete liquidation of his interest in the partnership how much gain or loss will martin recognize on receipt of the liquidating cash distribution?
a. zero
b. $33,000 gain
c. ($12,000) loss
d. $12,000 gain
e. none of the above
Answers: 1
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Martin has an adjusted basis in his one-fifth interest in gateway partners of $45,000. the partnersh...
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