Solved: Abc has no liabilities at the date of the distribution josh, Accounting Basics

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Abc has no liabilities at the date of the distribution josh

Question - Josh is a 25% partner in ABC Partnership. ABC makes a proportionate liquidating distribution of $200,000 cash and inventory with a $15,000 fair value (inside basis $5,000) to Pam. ABC has no liabilities at the date of the distribution. Josh' outside basis is $190,000. What is Josh's basis in the inventory property he received from the distribution?

A. $15,000

B. $0

C. $10,000

D. $5,000

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Accounting Basics: Abc has no liabilities at the date of the distribution josh

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