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:
Privately Owned
A business that is owned by private individuals or entities and not by the government or public investors.
Shares Of Stock
Units of ownership in a corporation that give shareholders a claim on part of the corporation's earnings and assets.
Overhead
All ongoing business expenses not directly attributable to creating a product or service, including rent, utilities, and administrative costs.
Losing Money
The result of an investment or business activity where expenses and losses exceed revenues or gains.
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