When Bruno's basis in his LLC interest is $155,000, he receives cash of $62,000, a...
70.2K
Verified Solution
Link Copied!
Question
Accounting
When Bruno's basis in his LLC interest is $155,000, he receives cash of $62,000, a proportionate share of inventory, and land in a distribution that liquidates both the LLC and his entire LLC interest. The inventory has a basis to the LLC of $38,750 and a fair market value of $49,600. The land's basis is $69,750, and the fair market value is $62,000. How much gain or loss does Bruno recognize, and what is his basis in the inventory and land received in the distribution? If an amount is zero, enter " 0 ". Bruno recognizes . Bruno's basis in the inventory is $ X and his basis in the land is $ x
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!
When Bruno's basis in his LLC interest is $155,000, he receives cash of $62,000, a proportionate share of inventory, and land in a distribution that liquidates both the LLC and his entire LLC interest. The inventory has a basis to the LLC of $38,750 and a fair market value of $49,600. The land's basis is $69,750, and the fair market value is $62,000. How much gain or loss does Bruno recognize, and what is his basis in the inventory and land received in the distribution? If an amount is zero, enter " 0 ". Bruno recognizes . Bruno's basis in the inventory is $ X and his basis in the land is $ x 