The JIH Partnership distributed the following assets to partner James in a proportionate liquidating distribution in which the partnership is liquidated: $25,000 cash,land parcel A (basis of $5,000,fair market value of $30,000),and land parcel B (basis of $5,000,fair market value of $15,000).James's basis in his partnership interest was $85,000 immediately before the distribution.
Definitions:
Partnership Assets
The resources and property owned by a partnership that are used for conducting its business activities.
Liabilities Priority
The order in which obligations or debts of a company or individual are to be paid if there are insufficient assets to pay all liabilities in full.
Fraudulent Act
refers to any deliberate deception intended to secure an unfair or unlawful gain, or to deprive a victim of a legal right.
Liability to the Partnership
Obligations or debts for which a partnership is responsible, including those incurred by individual partners acting within the scope of their partnership activities.
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