In a proportionate liquidating distribution in which the partnership is liquidated, Bill received cash of $120,000, inventory (basis of $6,000, fair market value of $8,000), and a capital asset (basis and fair market value of $16,000).Immediately before the distribution, Bill's basis in the partnership interest was $90,000.
Definitions:
Employee Retirement Income Security Act
A national regulation establishing basic requirements for the majority of privately initiated pension and health schemes in the private sector, aimed at safeguarding participants in these programs.
Drug-Free Workplace Act
A U.S. federal law that requires some employers to maintain a work environment free from the illegal use of drugs.
Fair Labor Standards Act
U.S. legislation that establishes minimum wage, overtime pay, recordkeeping, and child labor standards.
Vocational Rehabilitation Act
Federal legislation aimed at assisting individuals with disabilities in preparing for and engaging in gainful employment.
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