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Partner Z of the XYZ partnership receives a liquidating distribution of the following: ...

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Accounting

Partner Z of the XYZ partnership receives a liquidating distribution of the following:
Basis FMV
Cash $40,000 $40,000
Inventory $30,000 $45,000
Land $50,000 $45,000
1. Zs basis in her partnership interest was $95,000. What is her gain or loss and the basis of the assets distributed to her?
2. Assume Zs basis in her partnership interest was $130,000. What is her gain or loss and the basis of the assets distributed to her?

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