How much gain or loss will green lantern recognize on the, Accounting Basics

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How much gain or loss will green lantern recognize on the

Question: Advanced Taxation.

1. In a proportionate liquidating distribution, Green Lantern received cash of $150,000, inventory (basis of $5,000, fair market value of $25,000), and a capital asset (basis and fair market value of $30,000). Immediately before the distribution, Green Lantern's basis in the partnership interest was $100,000.

a. How much gain or loss will Green Lantern recognize on the distribution of cash? What is the character of the gain or loss?

b. What is Green Lantern's basis in the inventory and capital asset?

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