Zach's Partnership Interest Basis Is $80,000

question 124

True/False

Zach's partnership interest basis is $80,000.Zach receives a proportionate, liquidating distribution from a liquidating partnership of $60,000 cash and inventory having a basis of $30,000 to the partnership and a fair market value of $26,000.Zach assigns a basis of $20,000 to the inventory and recognizes no gain or loss.

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Definitions:

Data Type

The classification of data based on the type of information it represents, such as integers, floating-point numbers, or strings, which determines the operations that can be performed on it.

Tag Description

Information or metadata associated with a tag in PLC programming, describing the purpose or usage of the tag in the application.

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The unique identifier assigned to a variable, data point, or element in a programming environment, facilitating its identification and manipulation.

Array Type

In programming, a data structure used to store elements of the same type in contiguous memory locations.