Josh Has a 25% Capital and Profits Interest in the Calendar-Year

question 154

Essay

Josh has a 25% capital and profits interest in the calendar-year GDJ Partnership.His adjusted basis for his partnership interest on October 15 of the current year is $300,000.On that date,the partnership liquidates and makes a proportionate distribution of the following assets to Josh. Partnership's Basis in Asset Asset's Fair Market Value Cash Inventory $ 70,000 120,000 $ 70,000 150,000 ​
a.Calculate Josh's recognized gain or loss on the liquidating distribution,if any.
a.change if the partnership also distributed a small parcel of land it had held for investment to Josh? Assume the land has a $5,000 adjusted basis (FMV is $8,000) to the partnership.
b.
How would your answer to

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Definitions:

Semi-nomadic Lifestyle

A way of life for some cultures that involves moving seasonally while maintaining some fixed habitation.

Harvesting Season

The time of year when crops are ripe and ready to be gathered, varying according to the type of crop and geographical location.

Permanent Settlements

Communities where people reside long-term, building infrastructure and developing societies in contrast to nomadic lifestyles.

Cultural Art

Art forms that express and reflect the cultural values, traditions, and histories of specific societies or communities.