The WXYZ Partnership has two assets (Accounts Receivables valued at $20,000 with a basis of...
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Accounting
The WXYZ Partnership has two assets (Accounts Receivables valued at $20,000 with a basis of $0 and capital Assets valued at $20,000 with a basis of $12,000) before its liquidating distribution to partner W. If partner W with a $3,000 basis in her 25% interest received $10,000 of capital assets, what basis will W have in the capital assets as a result of the liquidation?
This question has been answered three times on her and each has a different answer. 10,000, 0 and $8,000. If you could indlude a detailed explanation I would appreciate it.
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