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In a proportionate liquidating distribution, Alexandria receives a distribution of $70,000 cash, accounts receivable (basis of $0 and fair market value of $20,000) , and land (basis of $30,000 and fair market value of $60,000) . In addition, the partnership repays all liabilities, of which Alexandria's share was $40,000. Alexandria's basis in the entity immediately before the distribution was $90,000. As a result of the distribution, what is Alexandria's basis in the accounts receivable and land, and how much gain or loss does she recognize?
Occupational Safety and Health Act
A law passed to ensure worker and workplace safety by setting and enforcing standards; oversees occupational health and safety in the United States.
OSHA
The Occupational Safety and Health Administration, a federal agency responsible for ensuring safe and healthful working conditions by setting and enforcing standards.
Occupational Accidents
Unexpected events that occur in the workplace resulting in injury or harm to an employee.
OSHA Representatives
Officials or inspectors from the Occupational Safety and Health Administration, responsible for enforcing safety and health standards in workplaces.
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