Solved: What is lemonade recognized gain on the distribution, Accounting Basics

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What is lemonade recognized gain on the distribution

Please assist me with the given showing calculations:

Lemonade, LLC distributes property to Arlene, one of its members. At the time of the distribtutions, Arlene has an outside basis of $50,000. The FMV of the property is $90,000 and its inside tax basis to Lemonade is $70,000. This is a nonliquidiating distribution. What is Lemonade's recognized gain on the distribution?

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Accounting Basics: What is lemonade recognized gain on the distribution

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