Question

) Jennifer’s outside basis in the partnership is $50,000 and she receives cash of $20,000 from the partnership upon complete proportionate liquidation. She also receives some inventory, basis $10,000, (FMV of $15,000). Jennifer loved the receptionist desk used for the business and she manages to get the desk as well upon the liquidation. The partnership’s adjusted basis in the desk is $200. a) How much capital loss, would Jennifer recognize on her tax return because of the liquidation? b) How much basis she will have in the inventory and the desk?

Answer 1

answer @ The Capital loss that Jenniter Mecognized on her kax rerum is Since Jenniler has invested the Capital of $ 50,ooo and received 8 20,000 ak. the liquidation So the recognised $30.000 loss in Ihan kar neben 6 The Basis of inventory and the desk. as the same she had in equity In this case Jaemiten basis in an inverkory is & 5ooo which is tain mariner Valve and the desk is $200