Isabella is a 30% partner in the ITV Partnership. On January 1, ITV distributes $32,000 cash, inventory with a $32,000 fair value (inside basis $16,000), and accounts receivable with a fair value of $16,000 (inside basis of $24,000). ITV has no liabilities at the date of the distribution. Isabella's basis in ITV is $40,000. What is the amount and character of Isabella's gain or loss from the liquidating distribution?

$0

Explanation:

We know that:

ITV Distribute s:

Therefore, we calculate Isabella's net gain or loss

$32000 × 30% = $9,600 Cash

$32000 × 30% = $9,600 Inventory

$24000 × 30% = $7,200 Receivable

The total amount is

$9600 + $4800 + $7200 =$21,600

Therefore Isabella's net gain or loss will be  $40,000 - $21,600 = $18,400.

From the calculations, Isabella will have $0 gain or loss from the liquidating distribution

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