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assets accounts receivable basic 0 value 20000 capital assets basic 12000 value 20000 if partner w...

assets accounts receivable basic 0 value 20000 capital assets basic 12000 value 20000 if partner w with 3000 basic 25% interest receives 10000 capital assets how much income must recogines as a result of liquidation

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Solution: Answer: $0 Explanation: Because, Ws adjusted basis in asset is (12000*25% 3,000 In case of liquidating distribution of Assets other than hot asset, no gain or loss is recognized, only basis is adjusted since, it is a liquidating distribution of only a capital assets, Gain/loss recognized $0 Basis in the distributed asset will become $3,000.

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