Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. nicole's basis in her partnership interest was $16

Nicole's basis in her partnership interest was $160,000, including her $50,000 share of partnership liabilities....

70.2K

Verified Solution

Question

Accounting

Nicole's basis in her partnership interest was $160,000, including her $50,000 share of partnership liabilities. The partnership decides to liquidate, and after repaying all liabilities, distributes all remaining assets proportionately to the partners. Nicole receives $30,000 cash and accounts receivable with a $50,000 basis and a $52,000 fair market value to the partnership. What gain or loss does Nicole recognize, and what is her basis in the accounts receivable?
$60,000 loss; $50,000 basis.
$30,000 loss; $50,000 basis.
$28,000 loss; $52,000 basis.
$78,000 loss; $52,000 basis.
$0 loss; $80,100 basis.
image

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students