Cliff's basis in his Aero Partnership interest is $19,300. Cliff receives a distribution of $24,600...
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Cliff's basis in his Aero Partnership interest is $ Cliff receives a distribution of $ cash from Aero in complete liquidation of his interest. Aero is an equal partnership with the following balance sheet: Tax Basis FMV Assets Cash $ $ Investment Land Totals $ $ Liabilities and capital CapitalChris $ CapitalCliff $ CapitalCooper $ Totals $ b If Aero has a election in place, what is the amount of the special basis adjustment?
Cliff's basis in his Aero Partnership interest is $ Cliff receives a distribution of $ cash from Aero in complete liquidation of his interest. Aero is an equal partnership with the following balance sheet:
Tax Basis FMV
Assets
Cash $ $
Investment
Land
Totals $ $
Liabilities and capital
CapitalChris $
CapitalCliff $
CapitalCooper $
Totals $
b If Aero has a election in place, what is the amount of the special basis adjustment?
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