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  3. when bruno's basis in his llc interest is $155,000

When Bruno's basis in his LLC interest is $155,000, he receives cash of $62,000, a...

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Accounting

image When Bruno's basis in his LLC interest is $155,000, he receives cash of $62,000, a proportionate share of inventory, and land in a distribution that liquidates both the LLC and his entire LLC interest. The inventory has a basis to the LLC of $38,750 and a fair market value of $49,600. The land's basis is $69,750, and the fair market value is $62,000. How much gain or loss does Bruno recognize, and what is his basis in the inventory and land received in the distribution? If an amount is zero, enter " 0 ". Bruno recognizes . Bruno's basis in the inventory is $ X and his basis in the land is $ x

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