Daniel's basis in the DAT Partnership is $135,000. DAT distributes its land to Daniel in complete liquidation of his partnership interest. DAT reports the following balance sheet just before the distribution:
If DAT has a §754 election in place, what is the amount and sign (positive or negative) of the special basis adjustment resulting from the distribution to Daniel? What is DAT's basis in its remaining assets?
Definitions:
Backlog/stockout Quantity
Backlog/stockout Quantity refers to the volume of orders delayed due to unavailability of stock, signifying a gap between supply and demand.
Acinar Cell
A type of cell in the pancreas that produces digestive enzymes, which are secreted into the small intestine.
Digestive Organ
An organ involved in the digestion process, breaking down food into absorbable forms.
Bile
A digestive fluid produced by the liver and stored in the gallbladder, it aids in the digestion and absorption of fats in the small intestine.
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