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In a Proportionate Liquidating Distribution in Which the Partnership Is

Question 33

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In a proportionate liquidating distribution in which the partnership is liquidated,Bill received cash of $120,000,inventory (basis of $6,000,fair market value of $8,000),and a capital asset (basis and fair market value of $16,000).Immediately before the distribution,Bill's basis in the partnership interest was $90,000.
In a proportionate liquidating distribution in which the partnership is liquidated,Bill received cash of $120,000,inventory (basis of $6,000,fair market value of $8,000),and a capital asset (basis and fair market value of $16,000).Immediately before the distribution,Bill's basis in the partnership interest was $90,000.

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