Maria was a 10% partner in M Partnership. Marias outside basis in her partnership interest...
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Accounting
Maria was a 10% partner in M Partnership. Marias outside basis in her partnership interest is $200,000 (just prior to distribution). This year, the partnership distributed the following to Maria in a proportionate distribution that liquidated the entire partnership:
- Cash: $50,000
- Inventory: FMV = $125,000; inside basis = $100,000 (hot asset)
What is Marias recognized gain or loss on the distribution?
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