Solved: Basis in the asset received-gain or loss, Accounting Basics

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Basis in the asset received-gain or loss

Question: James received $42,000 cash and a capital asset (basis of $45,000 and fair market value of $54,000) in a proportionate liquidating distribution. His basis in his partnership interest was $90,000 prior to the distribution. How much gain or loss does James recognize and what is his basis in the asset received?

a. $0 gain or loss; $45,000 basis.

b. $0 gain or loss; $48,000 basis.

c. $6,000 gain; $54,000 basis.

d. $3,000 loss; $45,000 basis.

e. $3,000 gain; $45,000 basis.

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Accounting Basics: Basis in the asset received-gain or loss

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Accounting Basics: Basis in the asset received-gain or loss

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