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

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.

answer; the above statement is (true);

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