Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. nicole's basis in her partnership interest was $16

Nicole's basis in her partnership interest was $160,000, including her $50,000 share of partnership liabilities....

70.2K

Verified Solution

Question

Accounting

Nicole's basis in her partnership interest was $160,000, including her $50,000 share of partnership liabilities. The partnership decides to liquidate, and after repaying all liabilities, distributes all remaining assets proportionately to the partners. Nicole receives $30,000 cash and accounts receivable with a $50,000 basis and a $52,000 fair market value to the partnership. What gain or loss does Nicole recognize, and what is her basis in the accounts receivable?
$60,000 loss; $50,000 basis.
$30,000 loss; $50,000 basis.
$28,000 loss; $52,000 basis.
$78,000 loss; $52,000 basis.
$0 loss; $80,100 basis.
image

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

Davis Stores sells clothing in 15 stores located around the southwestern United States. The managers at...

Finance
Q

short answers: Define what a social group is and give two examples of social groups. What are the...

Psychology
Q

On January 5, 2018, Parker Corporation received a charter granting the right to issue 6,000 shares...

Accounting
Q

13 1 point following statement Let D 1 0 1 2 3 and consider the...

Basic Math
Q

b 3 3 3 We are now given the Cartesian coordinates 3 3 3 and...

Calculus
Q

Do the following for the points 5 2 3 1 1 1 3 1 If...

Algebra
Q

Change the percentage completion with respect to conversion for the beginning of the inventory from...

Accounting
Q

Assignment 5 Assume you manage an audit of a client that...

Accounting
Q

Assume that you are nearing graduation and that you have applied for a job with...

Accounting
Q

What distinguishes a merchandising business from a service business? Can a business earn a gross...

Accounting
Q

(even Fiorentino Aliers is the production manager of Electronics Manufacturer. Due to limited capacity, the...

Accounting
Q

You can save a significant amount of mortgage interest paid if you make one additional...

Finance