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Business, 03.12.2019 05:31 jpichardo2021

When bruno's basis in his llc interest is $150,000, he receives cash of $55,000, a proportionate share of inventory, and land in a distribution that liquidates both the llc and his entire llc interest. the inventory has a basis to the llc of $45,000 and a fair market value of $48,000. the land's basis is $70,000, and the fair market value is $60,000. how much gain or loss does bruno recognize, and what is his basis in the inventory and land received in the distribution?

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