What is the tax treatment to a partner who receives a liquidating distribution assuming the...
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Accounting
What is the tax treatment to a partner who receives a liquidating distribution assuming the partnership has made a Section 754 election. The distribution was cash of $10,000 and capital assets of $30,000. The partner's basis before the distribution was $50,000. What is the gain or loss for the partner, the cash basis after the distribution, capital assets basis, and Section 734 Adjustment?
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