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Author Question: Brittany receives a nonliquidating distribution of $48,000 cash from her partnership. Brittany's ... (Read 56 times)

CBme

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on: Sep 13, 2020
Brittany receives a nonliquidating distribution of $48,000 cash from her partnership. Brittany's basis in her partnership interest prior to the distribution is $25,000. What are the tax consequences of the distribution?
◦ $48,000 ordinary income; $25,000 partnership basis
◦ $48,000 nontaxable return of capital, ($23,000) partnership basis
◦ $25,000 nontaxable return of capital, capital gain of $23,000, $0 partnership basis
◦ $25,000 nontaxable return of capital, ordinary income of $23,000, $0 partnership basis
Federal Taxation 2017 Individuals ¦ Pope, Rupert, Anderson ¦ 30th Edition
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Marked as best answer by CBme on Sep 13, 2020

emilymalinowski12

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Reply #1 on: Sep 13, 2020
Lorsum iprem. Lorsus sur ipci. Lorsem sur iprem. Lorsum sur ipdi, lorsem sur ipci. Lorsum sur iprium, valum sur ipci et, vala sur ipci. Lorsem sur ipci, lorsa sur iprem. Valus sur ipdi. Lorsus sur iprium nunc, valem sur iprium. Valem sur ipdi. Lorsa sur iprium. Lorsum sur iprium. Valem sur ipdi. Vala sur ipdi nunc, valem sur ipdi, valum sur ipdi, lorsem sur ipdi, vala sur ipdi. Valem sur iprem nunc, lorsa sur iprium. Valum sur ipdi et, lorsus sur ipci. Valem sur iprem. Valem sur ipci. Lorsa sur iprium. Lorsem sur ipci, valus sur iprem. Lorsem sur iprem nunc, valus sur iprium.
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CBme

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Reply 2 on: Sep 13, 2020
Thanks for the timely response, appreciate it

ultraflyy23

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Reply 3 on: Yesterday
Excellent

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