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TAX 655-The NY Partnership has two partners

01 / 10 / 2021 Projects

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TAX 655-The NY Partnership has two partners

The NY Partnership has two partners, Nina and Yanni. Each partners basis in his or her partnershipinterest is $15,000 before any distribution. The partnership distributes $20,000 cash to Nina and $10,000 cash to Yanni.A) Assuming a current distribution, determine for each partner 1) gain or loss recognized 2) basis in the partnership interest after distributionB) assuming a liquidating distribution, determine each partner’s gain or loss recognized.

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