Multiple Choice
The Dominguez Partnership has the following assets on December 31: 
Antonio is a 20 percent partner and has a $7,000 basis in his partnership interest. The partnership has no liabilities. Antonio receives a liquidating distribution of $10,000 cash. What is the amount and character of the gain or income Antonio recognizes on this liquidating distribution?
A) 0
B) $1,000
C) $2,000
D) $3,000
Correct Answer:
Verified
Correct Answer:
Verified
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