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  3. lola owns a one-half interest in the lenax lc. her

Lola owns a one-half interest in the Lenax LC. Her basis in this ownership interest...

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Accounting

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Lola owns a one-half interest in the Lenax LC. Her basis in this ownership interest is $22,000 at the end of the year, after accounting for the calendar year UCS current operations. On that date, the LiC distributes $25,000 cash to Lola in a proportionate current distribution. What is the amount of any gain or loss tola recognizes as a result of this distribution? What is her basis in the Lte intorest? if an amount is zero, enter " 0 ". She recognizes a from this distribution. Her basis in $ 5. EX.11-17

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