Howard Is a Partner in the Smithton Partnership with a Basis

question 15

Multiple Choice

Howard is a partner in the Smithton Partnership with a basis of $20,000. During the current year, the partnership is liquidated and the partnership distributes cash of $22,000 and property with a basis of $8,000 and a fair market value of $15,000 to each partner. What amount must Howard report as a gain from the liquidation?

• A)$- 0 -
• B)$2,000
• C)$10,000
• D)$15,000
• E)$17,000

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