Solved: What is the amount and character of tysons recognized gain, Accounting Basics

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What is the amount and character of tysons recognized gain

Question - Tyson, a one-quarter partner in the TF partnership, receives a proportionate distribution to liquidate his partnership interest on January 1. The distribution consists of $70,000 cash and inventory with a fair value of $40,000 (inside basis is $22,000). Tyson's outside basis is $90,000 including his $10,000 share of TF's liabilities. What is the amount and character of Tyson's recognized gain or loss? What is Tyson's basis in the distributed inventory?

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Accounting Basics: What is the amount and character of tysons recognized gain

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