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The December 31, 2011, Balance Sheet of the DBW General

Question 66

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The December 31, 2011, balance sheet of the DBW General Partnership is as follows:
The December 31, 2011, balance sheet of the DBW General Partnership is as follows: The partners share equally in partnership capital, income, gain, loss, deduction, and credit and capital is not a material income-producing factor. On December 31, 2011, general partner Dana receives a distribution of $155,000 cash in liquidation of her interest under § 736. Dana's outside basis for the partnership interest immediately before the distribution is $110,000. What is Dana's gain or loss on the distribution and its character? The partners share equally in partnership capital, income, gain, loss, deduction, and credit and capital is not a material income-producing factor. On December 31, 2011, general partner Dana receives a distribution of $155,000 cash in liquidation of her interest under § 736. Dana's outside basis for the partnership interest immediately before the distribution is $110,000. What is Dana's gain or loss on the distribution and its character?

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The $25,000 payment for Dana's share of ...

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