In a Proportionate Liquidating Distribution, UVW Partnership Distributes to Partner

question 28

True/False

In a proportionate liquidating distribution, UVW Partnership distributes to partner William cash of $25,000, accounts receivable (basis of $10,000 and fair market value of $8,000), and land (basis of $50,000 and fair market value of $60,000). William's basis was $75,000 before the distribution. On the liquidation, William recognizes no gain or loss, and he takes a basis of $10,000 in the accounts receivable, and $50,000 in the land.

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Definitions:

DSM-5

The 5th edition of the Diagnostic and Statistical Manual of Mental Disorders, a publication by the American Psychiatric Association that provides guidelines for diagnosing mental disorders.

Cannabis-Use Disorder

A medical diagnosis characterized by an individual's inability to abstain from cannabis amidst significant impairment or distress.