Business, 11.12.2019 19:31 legendman27

Martin has an adjusted basis in his one-fifth interest in gateway partners of $45,000. the partnership has no liabilities and no hot assets. martin receives a distribution of $33,000 cash in complete liquidation of his interest in the partnership how much gain or loss will martin recognize on receipt of the liquidating cash distribution?

a. zero

b. $33,000 gain

c. ($12,000) loss

d. $12,000 gain

e. none of the above

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Martin has an adjusted basis in his one-fifth interest in gateway partners of $45,000. the partnersh...

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