Geneva receives a proportionate nonliquidating distribution

Debt sometimes requires collateral while equity doesn't 4. The difference between debt and equity is determined.The tax consequences to a corporation that distributes property to stockholders if the property distributed is more than the corporation's basis in the property is given. During the year, he received a cash distribution of ,000 and a property distribution (basis of ,000, fair market value of ,000). Immediately before the distributions of cash and property, Alyce’s basis in the partnership interest was ,000.

geneva receives a proportionate nonliquidating distribution-64geneva receives a proportionate nonliquidating distribution-72geneva receives a proportionate nonliquidating distribution-55

John owns 300 of the shares, John’s grandfather owns 200 shares, John’s daughter owns 300 shares, and Redbird Corporation owns 200 shares. How many shares is John deemed to own in Cardinal Corporation under the attribution rules of §318? (TCO 5) Francis exchanges her 20% interest in Beryl Corporation for 10,000 shares of Pyrite Corporation (value 0,000) and ,000 cash. The accumulated earnings of Beryl are 5,000, and the accumulated earnings of Pyrite are 5,000 at the time of the reorganization.Wendy receives a proportionate nonliquidating distribution from the WXY Partnership.The distribution consists of ,000 cash & property ith an adjusted basis to the partnerhsip of ,000 and a FMV of ,000. Hunter has no recognized loss; Warren has a recognized gain of ,000. (TCO 3) As of January 1, Everest Corporation has a deficit in accumulated E & P of ,000. Hunter transfers equipment (basis of 0,000 and fair market value of 0,000), and Warren transfers land (basis of ,000 and fair market value of 0,000) and ,000 cash. Neither Hunter nor Warren has any recognized gain or loss. How much gain or loss does Mark recognize; what is his basis in the property he received; and what is his remaining basis in the partnership interest? ,000 loss; ,000 basis in property;

John owns 300 of the shares, John’s grandfather owns 200 shares, John’s daughter owns 300 shares, and Redbird Corporation owns 200 shares. How many shares is John deemed to own in Cardinal Corporation under the attribution rules of §318? (TCO 5) Francis exchanges her 20% interest in Beryl Corporation for 10,000 shares of Pyrite Corporation (value 0,000) and ,000 cash. The accumulated earnings of Beryl are 5,000, and the accumulated earnings of Pyrite are 5,000 at the time of the reorganization.Wendy receives a proportionate nonliquidating distribution from the WXY Partnership.The distribution consists of ,000 cash & property ith an adjusted basis to the partnerhsip of ,000 and a FMV of ,000. Hunter has no recognized loss; Warren has a recognized gain of ,000. (TCO 3) As of January 1, Everest Corporation has a deficit in accumulated E & P of ,000. Hunter transfers equipment (basis of 0,000 and fair market value of 0,000), and Warren transfers land (basis of ,000 and fair market value of 0,000) and ,000 cash. Neither Hunter nor Warren has any recognized gain or loss. How much gain or loss does Mark recognize; what is his basis in the property he received; and what is his remaining basis in the partnership interest? ,000 loss; ,000 basis in property;

John owns 300 of the shares, John’s grandfather owns 200 shares, John’s daughter owns 300 shares, and Redbird Corporation owns 200 shares. How many shares is John deemed to own in Cardinal Corporation under the attribution rules of §318? (TCO 5) Francis exchanges her 20% interest in Beryl Corporation for 10,000 shares of Pyrite Corporation (value 0,000) and ,000 cash. The accumulated earnings of Beryl are 5,000, and the accumulated earnings of Pyrite are 5,000 at the time of the reorganization.Wendy receives a proportionate nonliquidating distribution from the WXY Partnership.The distribution consists of ,000 cash & property ith an adjusted basis to the partnerhsip of ,000 and a FMV of ,000. Hunter has no recognized loss; Warren has a recognized gain of ,000. (TCO 3) As of January 1, Everest Corporation has a deficit in accumulated E & P of ,000. Hunter transfers equipment (basis of 0,000 and fair market value of 0,000), and Warren transfers land (basis of ,000 and fair market value of 0,000) and ,000 cash. Neither Hunter nor Warren has any recognized gain or loss. How much gain or loss does Mark recognize; what is his basis in the property he received; and what is his remaining basis in the partnership interest? ,000 loss; ,000 basis in property;

John owns 300 of the shares, John’s grandfather owns 200 shares, John’s daughter owns 300 shares, and Redbird Corporation owns 200 shares. How many shares is John deemed to own in Cardinal Corporation under the attribution rules of §318? (TCO 5) Francis exchanges her 20% interest in Beryl Corporation for 10,000 shares of Pyrite Corporation (value 0,000) and ,000 cash. The accumulated earnings of Beryl are 5,000, and the accumulated earnings of Pyrite are 5,000 at the time of the reorganization.

Wendy receives a proportionate nonliquidating distribution from the WXY Partnership.

The distribution consists of ,000 cash & property ith an adjusted basis to the partnerhsip of ,000 and a FMV of ,000.

Hunter has no recognized loss; Warren has a recognized gain of ,000. (TCO 3) As of January 1, Everest Corporation has a deficit in accumulated E & P of ,000.

Hunter transfers equipment (basis of 0,000 and fair market value of 0,000), and Warren transfers land (basis of ,000 and fair market value of 0,000) and ,000 cash. Neither Hunter nor Warren has any recognized gain or loss.

remaining basis. ,000 loss; ,000 basis in property;

John owns 300 of the shares, John’s grandfather owns 200 shares, John’s daughter owns 300 shares, and Redbird Corporation owns 200 shares. How many shares is John deemed to own in Cardinal Corporation under the attribution rules of §318? (TCO 5) Francis exchanges her 20% interest in Beryl Corporation for 10,000 shares of Pyrite Corporation (value 0,000) and ,000 cash. The accumulated earnings of Beryl are 5,000, and the accumulated earnings of Pyrite are 5,000 at the time of the reorganization.Wendy receives a proportionate nonliquidating distribution from the WXY Partnership.The distribution consists of ,000 cash & property ith an adjusted basis to the partnerhsip of ,000 and a FMV of ,000. Hunter has no recognized loss; Warren has a recognized gain of ,000. (TCO 3) As of January 1, Everest Corporation has a deficit in accumulated E & P of ,000. Hunter transfers equipment (basis of 0,000 and fair market value of 0,000), and Warren transfers land (basis of ,000 and fair market value of 0,000) and ,000 cash. Neither Hunter nor Warren has any recognized gain or loss. How much gain or loss does Mark recognize; what is his basis in the property he received; and what is his remaining basis in the partnership interest? ,000 loss; ,000 basis in property;

John owns 300 of the shares, John’s grandfather owns 200 shares, John’s daughter owns 300 shares, and Redbird Corporation owns 200 shares. How many shares is John deemed to own in Cardinal Corporation under the attribution rules of §318? (TCO 5) Francis exchanges her 20% interest in Beryl Corporation for 10,000 shares of Pyrite Corporation (value 0,000) and ,000 cash. The accumulated earnings of Beryl are 5,000, and the accumulated earnings of Pyrite are 5,000 at the time of the reorganization.

Wendy receives a proportionate nonliquidating distribution from the WXY Partnership.

The distribution consists of ,000 cash & property ith an adjusted basis to the partnerhsip of ,000 and a FMV of ,000.

Hunter has no recognized loss; Warren has a recognized gain of ,000. (TCO 3) As of January 1, Everest Corporation has a deficit in accumulated E & P of ,000.

Hunter transfers equipment (basis of 0,000 and fair market value of 0,000), and Warren transfers land (basis of ,000 and fair market value of 0,000) and ,000 cash. Neither Hunter nor Warren has any recognized gain or loss.

remaining basis. ,000 loss; ,000 basis in property; [[

John owns 300 of the shares, John’s grandfather owns 200 shares, John’s daughter owns 300 shares, and Redbird Corporation owns 200 shares. How many shares is John deemed to own in Cardinal Corporation under the attribution rules of §318? (TCO 5) Francis exchanges her 20% interest in Beryl Corporation for 10,000 shares of Pyrite Corporation (value $200,000) and $40,000 cash. The accumulated earnings of Beryl are $325,000, and the accumulated earnings of Pyrite are $225,000 at the time of the reorganization.

Wendy receives a proportionate nonliquidating distribution from the WXY Partnership.

The distribution consists of $75,000 cash & property ith an adjusted basis to the partnerhsip of $20,000 and a FMV of $25,000.

Hunter has no recognized loss; Warren has a recognized gain of $30,000. (TCO 3) As of January 1, Everest Corporation has a deficit in accumulated E & P of $75,000.

Hunter transfers equipment (basis of $210,000 and fair market value of $180,000), and Warren transfers land (basis of $15,000 and fair market value of $150,000) and $30,000 cash. Neither Hunter nor Warren has any recognized gain or loss.

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John owns 300 of the shares, John’s grandfather owns 200 shares, John’s daughter owns 300 shares, and Redbird Corporation owns 200 shares. How many shares is John deemed to own in Cardinal Corporation under the attribution rules of §318? (TCO 5) Francis exchanges her 20% interest in Beryl Corporation for 10,000 shares of Pyrite Corporation (value $200,000) and $40,000 cash. The accumulated earnings of Beryl are $325,000, and the accumulated earnings of Pyrite are $225,000 at the time of the reorganization.Wendy receives a proportionate nonliquidating distribution from the WXY Partnership.The distribution consists of $75,000 cash & property ith an adjusted basis to the partnerhsip of $20,000 and a FMV of $25,000. Hunter has no recognized loss; Warren has a recognized gain of $30,000. (TCO 3) As of January 1, Everest Corporation has a deficit in accumulated E & P of $75,000. Hunter transfers equipment (basis of $210,000 and fair market value of $180,000), and Warren transfers land (basis of $15,000 and fair market value of $150,000) and $30,000 cash. Neither Hunter nor Warren has any recognized gain or loss. How much gain or loss does Mark recognize; what is his basis in the property he received; and what is his remaining basis in the partnership interest? $25,000 loss; $25,000 basis in property; $0 remaining basis. $30,000 loss; $30,000 basis in property; $0 remaining basis. $0 gain or loss; $25,000 basis in property; $25,000 remaining basis. $0 gain or loss; $30,000 basis in property; $20,000 remaining basis. $0 gain or loss; $20,000 basis in property; $30,000 remaining basis. Mack has a basis in a partnership interest of $200,000, including his share of partnership debt.

]] remaining basis. [[

John owns 300 of the shares, John’s grandfather owns 200 shares, John’s daughter owns 300 shares, and Redbird Corporation owns 200 shares. How many shares is John deemed to own in Cardinal Corporation under the attribution rules of §318? (TCO 5) Francis exchanges her 20% interest in Beryl Corporation for 10,000 shares of Pyrite Corporation (value $200,000) and $40,000 cash. The accumulated earnings of Beryl are $325,000, and the accumulated earnings of Pyrite are $225,000 at the time of the reorganization.

Wendy receives a proportionate nonliquidating distribution from the WXY Partnership.

The distribution consists of $75,000 cash & property ith an adjusted basis to the partnerhsip of $20,000 and a FMV of $25,000.

Hunter has no recognized loss; Warren has a recognized gain of $30,000. (TCO 3) As of January 1, Everest Corporation has a deficit in accumulated E & P of $75,000.

Hunter transfers equipment (basis of $210,000 and fair market value of $180,000), and Warren transfers land (basis of $15,000 and fair market value of $150,000) and $30,000 cash. Neither Hunter nor Warren has any recognized gain or loss.

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John owns 300 of the shares, John’s grandfather owns 200 shares, John’s daughter owns 300 shares, and Redbird Corporation owns 200 shares. How many shares is John deemed to own in Cardinal Corporation under the attribution rules of §318? (TCO 5) Francis exchanges her 20% interest in Beryl Corporation for 10,000 shares of Pyrite Corporation (value $200,000) and $40,000 cash. The accumulated earnings of Beryl are $325,000, and the accumulated earnings of Pyrite are $225,000 at the time of the reorganization.Wendy receives a proportionate nonliquidating distribution from the WXY Partnership.The distribution consists of $75,000 cash & property ith an adjusted basis to the partnerhsip of $20,000 and a FMV of $25,000. Hunter has no recognized loss; Warren has a recognized gain of $30,000. (TCO 3) As of January 1, Everest Corporation has a deficit in accumulated E & P of $75,000. Hunter transfers equipment (basis of $210,000 and fair market value of $180,000), and Warren transfers land (basis of $15,000 and fair market value of $150,000) and $30,000 cash. Neither Hunter nor Warren has any recognized gain or loss. How much gain or loss does Mark recognize; what is his basis in the property he received; and what is his remaining basis in the partnership interest? $25,000 loss; $25,000 basis in property; $0 remaining basis. $30,000 loss; $30,000 basis in property; $0 remaining basis. $0 gain or loss; $25,000 basis in property; $25,000 remaining basis. $0 gain or loss; $30,000 basis in property; $20,000 remaining basis. $0 gain or loss; $20,000 basis in property; $30,000 remaining basis. Mack has a basis in a partnership interest of $200,000, including his share of partnership debt.

]] gain or loss; ,000 basis in property; ,000 remaining basis. [[

John owns 300 of the shares, John’s grandfather owns 200 shares, John’s daughter owns 300 shares, and Redbird Corporation owns 200 shares. How many shares is John deemed to own in Cardinal Corporation under the attribution rules of §318? (TCO 5) Francis exchanges her 20% interest in Beryl Corporation for 10,000 shares of Pyrite Corporation (value $200,000) and $40,000 cash. The accumulated earnings of Beryl are $325,000, and the accumulated earnings of Pyrite are $225,000 at the time of the reorganization.

Wendy receives a proportionate nonliquidating distribution from the WXY Partnership.

The distribution consists of $75,000 cash & property ith an adjusted basis to the partnerhsip of $20,000 and a FMV of $25,000.

Hunter has no recognized loss; Warren has a recognized gain of $30,000. (TCO 3) As of January 1, Everest Corporation has a deficit in accumulated E & P of $75,000.

Hunter transfers equipment (basis of $210,000 and fair market value of $180,000), and Warren transfers land (basis of $15,000 and fair market value of $150,000) and $30,000 cash. Neither Hunter nor Warren has any recognized gain or loss.

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John owns 300 of the shares, John’s grandfather owns 200 shares, John’s daughter owns 300 shares, and Redbird Corporation owns 200 shares. How many shares is John deemed to own in Cardinal Corporation under the attribution rules of §318? (TCO 5) Francis exchanges her 20% interest in Beryl Corporation for 10,000 shares of Pyrite Corporation (value $200,000) and $40,000 cash. The accumulated earnings of Beryl are $325,000, and the accumulated earnings of Pyrite are $225,000 at the time of the reorganization.Wendy receives a proportionate nonliquidating distribution from the WXY Partnership.The distribution consists of $75,000 cash & property ith an adjusted basis to the partnerhsip of $20,000 and a FMV of $25,000. Hunter has no recognized loss; Warren has a recognized gain of $30,000. (TCO 3) As of January 1, Everest Corporation has a deficit in accumulated E & P of $75,000. Hunter transfers equipment (basis of $210,000 and fair market value of $180,000), and Warren transfers land (basis of $15,000 and fair market value of $150,000) and $30,000 cash. Neither Hunter nor Warren has any recognized gain or loss. How much gain or loss does Mark recognize; what is his basis in the property he received; and what is his remaining basis in the partnership interest? $25,000 loss; $25,000 basis in property; $0 remaining basis. $30,000 loss; $30,000 basis in property; $0 remaining basis. $0 gain or loss; $25,000 basis in property; $25,000 remaining basis. $0 gain or loss; $30,000 basis in property; $20,000 remaining basis. $0 gain or loss; $20,000 basis in property; $30,000 remaining basis. Mack has a basis in a partnership interest of $200,000, including his share of partnership debt.

]] gain or loss; ,000 basis in property; ,000 remaining basis. [[

John owns 300 of the shares, John’s grandfather owns 200 shares, John’s daughter owns 300 shares, and Redbird Corporation owns 200 shares. How many shares is John deemed to own in Cardinal Corporation under the attribution rules of §318? (TCO 5) Francis exchanges her 20% interest in Beryl Corporation for 10,000 shares of Pyrite Corporation (value $200,000) and $40,000 cash. The accumulated earnings of Beryl are $325,000, and the accumulated earnings of Pyrite are $225,000 at the time of the reorganization.

Wendy receives a proportionate nonliquidating distribution from the WXY Partnership.

The distribution consists of $75,000 cash & property ith an adjusted basis to the partnerhsip of $20,000 and a FMV of $25,000.

Hunter has no recognized loss; Warren has a recognized gain of $30,000. (TCO 3) As of January 1, Everest Corporation has a deficit in accumulated E & P of $75,000.

Hunter transfers equipment (basis of $210,000 and fair market value of $180,000), and Warren transfers land (basis of $15,000 and fair market value of $150,000) and $30,000 cash. Neither Hunter nor Warren has any recognized gain or loss.

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John owns 300 of the shares, John’s grandfather owns 200 shares, John’s daughter owns 300 shares, and Redbird Corporation owns 200 shares. How many shares is John deemed to own in Cardinal Corporation under the attribution rules of §318? (TCO 5) Francis exchanges her 20% interest in Beryl Corporation for 10,000 shares of Pyrite Corporation (value $200,000) and $40,000 cash. The accumulated earnings of Beryl are $325,000, and the accumulated earnings of Pyrite are $225,000 at the time of the reorganization.Wendy receives a proportionate nonliquidating distribution from the WXY Partnership.The distribution consists of $75,000 cash & property ith an adjusted basis to the partnerhsip of $20,000 and a FMV of $25,000. Hunter has no recognized loss; Warren has a recognized gain of $30,000. (TCO 3) As of January 1, Everest Corporation has a deficit in accumulated E & P of $75,000. Hunter transfers equipment (basis of $210,000 and fair market value of $180,000), and Warren transfers land (basis of $15,000 and fair market value of $150,000) and $30,000 cash. Neither Hunter nor Warren has any recognized gain or loss. How much gain or loss does Mark recognize; what is his basis in the property he received; and what is his remaining basis in the partnership interest? $25,000 loss; $25,000 basis in property; $0 remaining basis. $30,000 loss; $30,000 basis in property; $0 remaining basis. $0 gain or loss; $25,000 basis in property; $25,000 remaining basis. $0 gain or loss; $30,000 basis in property; $20,000 remaining basis. $0 gain or loss; $20,000 basis in property; $30,000 remaining basis. Mack has a basis in a partnership interest of $200,000, including his share of partnership debt.

]] gain or loss; ,000 basis in property; ,000 remaining basis. Mack has a basis in a partnership interest of 0,000, including his share of partnership debt.

remaining basis. [[

John owns 300 of the shares, John’s grandfather owns 200 shares, John’s daughter owns 300 shares, and Redbird Corporation owns 200 shares. How many shares is John deemed to own in Cardinal Corporation under the attribution rules of §318? (TCO 5) Francis exchanges her 20% interest in Beryl Corporation for 10,000 shares of Pyrite Corporation (value $200,000) and $40,000 cash. The accumulated earnings of Beryl are $325,000, and the accumulated earnings of Pyrite are $225,000 at the time of the reorganization.

Wendy receives a proportionate nonliquidating distribution from the WXY Partnership.

The distribution consists of $75,000 cash & property ith an adjusted basis to the partnerhsip of $20,000 and a FMV of $25,000.

Hunter has no recognized loss; Warren has a recognized gain of $30,000. (TCO 3) As of January 1, Everest Corporation has a deficit in accumulated E & P of $75,000.

Hunter transfers equipment (basis of $210,000 and fair market value of $180,000), and Warren transfers land (basis of $15,000 and fair market value of $150,000) and $30,000 cash. Neither Hunter nor Warren has any recognized gain or loss.

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John owns 300 of the shares, John’s grandfather owns 200 shares, John’s daughter owns 300 shares, and Redbird Corporation owns 200 shares. How many shares is John deemed to own in Cardinal Corporation under the attribution rules of §318? (TCO 5) Francis exchanges her 20% interest in Beryl Corporation for 10,000 shares of Pyrite Corporation (value $200,000) and $40,000 cash. The accumulated earnings of Beryl are $325,000, and the accumulated earnings of Pyrite are $225,000 at the time of the reorganization.Wendy receives a proportionate nonliquidating distribution from the WXY Partnership.The distribution consists of $75,000 cash & property ith an adjusted basis to the partnerhsip of $20,000 and a FMV of $25,000. Hunter has no recognized loss; Warren has a recognized gain of $30,000. (TCO 3) As of January 1, Everest Corporation has a deficit in accumulated E & P of $75,000. Hunter transfers equipment (basis of $210,000 and fair market value of $180,000), and Warren transfers land (basis of $15,000 and fair market value of $150,000) and $30,000 cash. Neither Hunter nor Warren has any recognized gain or loss. How much gain or loss does Mark recognize; what is his basis in the property he received; and what is his remaining basis in the partnership interest? $25,000 loss; $25,000 basis in property; $0 remaining basis. $30,000 loss; $30,000 basis in property; $0 remaining basis. $0 gain or loss; $25,000 basis in property; $25,000 remaining basis. $0 gain or loss; $30,000 basis in property; $20,000 remaining basis. $0 gain or loss; $20,000 basis in property; $30,000 remaining basis. Mack has a basis in a partnership interest of $200,000, including his share of partnership debt.

]] gain or loss; ,000 basis in property; ,000 remaining basis. [[

John owns 300 of the shares, John’s grandfather owns 200 shares, John’s daughter owns 300 shares, and Redbird Corporation owns 200 shares. How many shares is John deemed to own in Cardinal Corporation under the attribution rules of §318? (TCO 5) Francis exchanges her 20% interest in Beryl Corporation for 10,000 shares of Pyrite Corporation (value $200,000) and $40,000 cash. The accumulated earnings of Beryl are $325,000, and the accumulated earnings of Pyrite are $225,000 at the time of the reorganization.

Wendy receives a proportionate nonliquidating distribution from the WXY Partnership.

The distribution consists of $75,000 cash & property ith an adjusted basis to the partnerhsip of $20,000 and a FMV of $25,000.

Hunter has no recognized loss; Warren has a recognized gain of $30,000. (TCO 3) As of January 1, Everest Corporation has a deficit in accumulated E & P of $75,000.

Hunter transfers equipment (basis of $210,000 and fair market value of $180,000), and Warren transfers land (basis of $15,000 and fair market value of $150,000) and $30,000 cash. Neither Hunter nor Warren has any recognized gain or loss.

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John owns 300 of the shares, John’s grandfather owns 200 shares, John’s daughter owns 300 shares, and Redbird Corporation owns 200 shares. How many shares is John deemed to own in Cardinal Corporation under the attribution rules of §318? (TCO 5) Francis exchanges her 20% interest in Beryl Corporation for 10,000 shares of Pyrite Corporation (value $200,000) and $40,000 cash. The accumulated earnings of Beryl are $325,000, and the accumulated earnings of Pyrite are $225,000 at the time of the reorganization.Wendy receives a proportionate nonliquidating distribution from the WXY Partnership.The distribution consists of $75,000 cash & property ith an adjusted basis to the partnerhsip of $20,000 and a FMV of $25,000. Hunter has no recognized loss; Warren has a recognized gain of $30,000. (TCO 3) As of January 1, Everest Corporation has a deficit in accumulated E & P of $75,000. Hunter transfers equipment (basis of $210,000 and fair market value of $180,000), and Warren transfers land (basis of $15,000 and fair market value of $150,000) and $30,000 cash. Neither Hunter nor Warren has any recognized gain or loss. How much gain or loss does Mark recognize; what is his basis in the property he received; and what is his remaining basis in the partnership interest? $25,000 loss; $25,000 basis in property; $0 remaining basis. $30,000 loss; $30,000 basis in property; $0 remaining basis. $0 gain or loss; $25,000 basis in property; $25,000 remaining basis. $0 gain or loss; $30,000 basis in property; $20,000 remaining basis. $0 gain or loss; $20,000 basis in property; $30,000 remaining basis. Mack has a basis in a partnership interest of $200,000, including his share of partnership debt.

]] gain or loss; ,000 basis in property; ,000 remaining basis. [[

John owns 300 of the shares, John’s grandfather owns 200 shares, John’s daughter owns 300 shares, and Redbird Corporation owns 200 shares. How many shares is John deemed to own in Cardinal Corporation under the attribution rules of §318? (TCO 5) Francis exchanges her 20% interest in Beryl Corporation for 10,000 shares of Pyrite Corporation (value $200,000) and $40,000 cash. The accumulated earnings of Beryl are $325,000, and the accumulated earnings of Pyrite are $225,000 at the time of the reorganization.

Wendy receives a proportionate nonliquidating distribution from the WXY Partnership.

The distribution consists of $75,000 cash & property ith an adjusted basis to the partnerhsip of $20,000 and a FMV of $25,000.

Hunter has no recognized loss; Warren has a recognized gain of $30,000. (TCO 3) As of January 1, Everest Corporation has a deficit in accumulated E & P of $75,000.

Hunter transfers equipment (basis of $210,000 and fair market value of $180,000), and Warren transfers land (basis of $15,000 and fair market value of $150,000) and $30,000 cash. Neither Hunter nor Warren has any recognized gain or loss.

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John owns 300 of the shares, John’s grandfather owns 200 shares, John’s daughter owns 300 shares, and Redbird Corporation owns 200 shares. How many shares is John deemed to own in Cardinal Corporation under the attribution rules of §318? (TCO 5) Francis exchanges her 20% interest in Beryl Corporation for 10,000 shares of Pyrite Corporation (value $200,000) and $40,000 cash. The accumulated earnings of Beryl are $325,000, and the accumulated earnings of Pyrite are $225,000 at the time of the reorganization.Wendy receives a proportionate nonliquidating distribution from the WXY Partnership.The distribution consists of $75,000 cash & property ith an adjusted basis to the partnerhsip of $20,000 and a FMV of $25,000. Hunter has no recognized loss; Warren has a recognized gain of $30,000. (TCO 3) As of January 1, Everest Corporation has a deficit in accumulated E & P of $75,000. Hunter transfers equipment (basis of $210,000 and fair market value of $180,000), and Warren transfers land (basis of $15,000 and fair market value of $150,000) and $30,000 cash. Neither Hunter nor Warren has any recognized gain or loss. How much gain or loss does Mark recognize; what is his basis in the property he received; and what is his remaining basis in the partnership interest? $25,000 loss; $25,000 basis in property; $0 remaining basis. $30,000 loss; $30,000 basis in property; $0 remaining basis. $0 gain or loss; $25,000 basis in property; $25,000 remaining basis. $0 gain or loss; $30,000 basis in property; $20,000 remaining basis. $0 gain or loss; $20,000 basis in property; $30,000 remaining basis. Mack has a basis in a partnership interest of $200,000, including his share of partnership debt.

]] gain or loss; ,000 basis in property; ,000 remaining basis. Mack has a basis in a partnership interest of 0,000, including his share of partnership debt.

remaining basis. ,000 loss; ,000 basis in property; [[

John owns 300 of the shares, John’s grandfather owns 200 shares, John’s daughter owns 300 shares, and Redbird Corporation owns 200 shares. How many shares is John deemed to own in Cardinal Corporation under the attribution rules of §318? (TCO 5) Francis exchanges her 20% interest in Beryl Corporation for 10,000 shares of Pyrite Corporation (value $200,000) and $40,000 cash. The accumulated earnings of Beryl are $325,000, and the accumulated earnings of Pyrite are $225,000 at the time of the reorganization.

Wendy receives a proportionate nonliquidating distribution from the WXY Partnership.

The distribution consists of $75,000 cash & property ith an adjusted basis to the partnerhsip of $20,000 and a FMV of $25,000.

Hunter has no recognized loss; Warren has a recognized gain of $30,000. (TCO 3) As of January 1, Everest Corporation has a deficit in accumulated E & P of $75,000.

Hunter transfers equipment (basis of $210,000 and fair market value of $180,000), and Warren transfers land (basis of $15,000 and fair market value of $150,000) and $30,000 cash. Neither Hunter nor Warren has any recognized gain or loss.

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John owns 300 of the shares, John’s grandfather owns 200 shares, John’s daughter owns 300 shares, and Redbird Corporation owns 200 shares. How many shares is John deemed to own in Cardinal Corporation under the attribution rules of §318? (TCO 5) Francis exchanges her 20% interest in Beryl Corporation for 10,000 shares of Pyrite Corporation (value $200,000) and $40,000 cash. The accumulated earnings of Beryl are $325,000, and the accumulated earnings of Pyrite are $225,000 at the time of the reorganization.Wendy receives a proportionate nonliquidating distribution from the WXY Partnership.The distribution consists of $75,000 cash & property ith an adjusted basis to the partnerhsip of $20,000 and a FMV of $25,000. Hunter has no recognized loss; Warren has a recognized gain of $30,000. (TCO 3) As of January 1, Everest Corporation has a deficit in accumulated E & P of $75,000. Hunter transfers equipment (basis of $210,000 and fair market value of $180,000), and Warren transfers land (basis of $15,000 and fair market value of $150,000) and $30,000 cash. Neither Hunter nor Warren has any recognized gain or loss. How much gain or loss does Mark recognize; what is his basis in the property he received; and what is his remaining basis in the partnership interest? $25,000 loss; $25,000 basis in property; $0 remaining basis. $30,000 loss; $30,000 basis in property; $0 remaining basis. $0 gain or loss; $25,000 basis in property; $25,000 remaining basis. $0 gain or loss; $30,000 basis in property; $20,000 remaining basis. $0 gain or loss; $20,000 basis in property; $30,000 remaining basis. Mack has a basis in a partnership interest of $200,000, including his share of partnership debt.

]] remaining basis. [[

John owns 300 of the shares, John’s grandfather owns 200 shares, John’s daughter owns 300 shares, and Redbird Corporation owns 200 shares. How many shares is John deemed to own in Cardinal Corporation under the attribution rules of §318? (TCO 5) Francis exchanges her 20% interest in Beryl Corporation for 10,000 shares of Pyrite Corporation (value $200,000) and $40,000 cash. The accumulated earnings of Beryl are $325,000, and the accumulated earnings of Pyrite are $225,000 at the time of the reorganization.

Wendy receives a proportionate nonliquidating distribution from the WXY Partnership.

The distribution consists of $75,000 cash & property ith an adjusted basis to the partnerhsip of $20,000 and a FMV of $25,000.

Hunter has no recognized loss; Warren has a recognized gain of $30,000. (TCO 3) As of January 1, Everest Corporation has a deficit in accumulated E & P of $75,000.

Hunter transfers equipment (basis of $210,000 and fair market value of $180,000), and Warren transfers land (basis of $15,000 and fair market value of $150,000) and $30,000 cash. Neither Hunter nor Warren has any recognized gain or loss.

||

John owns 300 of the shares, John’s grandfather owns 200 shares, John’s daughter owns 300 shares, and Redbird Corporation owns 200 shares. How many shares is John deemed to own in Cardinal Corporation under the attribution rules of §318? (TCO 5) Francis exchanges her 20% interest in Beryl Corporation for 10,000 shares of Pyrite Corporation (value $200,000) and $40,000 cash. The accumulated earnings of Beryl are $325,000, and the accumulated earnings of Pyrite are $225,000 at the time of the reorganization.Wendy receives a proportionate nonliquidating distribution from the WXY Partnership.The distribution consists of $75,000 cash & property ith an adjusted basis to the partnerhsip of $20,000 and a FMV of $25,000. Hunter has no recognized loss; Warren has a recognized gain of $30,000. (TCO 3) As of January 1, Everest Corporation has a deficit in accumulated E & P of $75,000. Hunter transfers equipment (basis of $210,000 and fair market value of $180,000), and Warren transfers land (basis of $15,000 and fair market value of $150,000) and $30,000 cash. Neither Hunter nor Warren has any recognized gain or loss. How much gain or loss does Mark recognize; what is his basis in the property he received; and what is his remaining basis in the partnership interest? $25,000 loss; $25,000 basis in property; $0 remaining basis. $30,000 loss; $30,000 basis in property; $0 remaining basis. $0 gain or loss; $25,000 basis in property; $25,000 remaining basis. $0 gain or loss; $30,000 basis in property; $20,000 remaining basis. $0 gain or loss; $20,000 basis in property; $30,000 remaining basis. Mack has a basis in a partnership interest of $200,000, including his share of partnership debt.

]] gain or loss; ,000 basis in property; ,000 remaining basis. [[

John owns 300 of the shares, John’s grandfather owns 200 shares, John’s daughter owns 300 shares, and Redbird Corporation owns 200 shares. How many shares is John deemed to own in Cardinal Corporation under the attribution rules of §318? (TCO 5) Francis exchanges her 20% interest in Beryl Corporation for 10,000 shares of Pyrite Corporation (value $200,000) and $40,000 cash. The accumulated earnings of Beryl are $325,000, and the accumulated earnings of Pyrite are $225,000 at the time of the reorganization.

Wendy receives a proportionate nonliquidating distribution from the WXY Partnership.

The distribution consists of $75,000 cash & property ith an adjusted basis to the partnerhsip of $20,000 and a FMV of $25,000.

Hunter has no recognized loss; Warren has a recognized gain of $30,000. (TCO 3) As of January 1, Everest Corporation has a deficit in accumulated E & P of $75,000.

Hunter transfers equipment (basis of $210,000 and fair market value of $180,000), and Warren transfers land (basis of $15,000 and fair market value of $150,000) and $30,000 cash. Neither Hunter nor Warren has any recognized gain or loss.

||

John owns 300 of the shares, John’s grandfather owns 200 shares, John’s daughter owns 300 shares, and Redbird Corporation owns 200 shares. How many shares is John deemed to own in Cardinal Corporation under the attribution rules of §318? (TCO 5) Francis exchanges her 20% interest in Beryl Corporation for 10,000 shares of Pyrite Corporation (value $200,000) and $40,000 cash. The accumulated earnings of Beryl are $325,000, and the accumulated earnings of Pyrite are $225,000 at the time of the reorganization.Wendy receives a proportionate nonliquidating distribution from the WXY Partnership.The distribution consists of $75,000 cash & property ith an adjusted basis to the partnerhsip of $20,000 and a FMV of $25,000. Hunter has no recognized loss; Warren has a recognized gain of $30,000. (TCO 3) As of January 1, Everest Corporation has a deficit in accumulated E & P of $75,000. Hunter transfers equipment (basis of $210,000 and fair market value of $180,000), and Warren transfers land (basis of $15,000 and fair market value of $150,000) and $30,000 cash. Neither Hunter nor Warren has any recognized gain or loss. How much gain or loss does Mark recognize; what is his basis in the property he received; and what is his remaining basis in the partnership interest? $25,000 loss; $25,000 basis in property; $0 remaining basis. $30,000 loss; $30,000 basis in property; $0 remaining basis. $0 gain or loss; $25,000 basis in property; $25,000 remaining basis. $0 gain or loss; $30,000 basis in property; $20,000 remaining basis. $0 gain or loss; $20,000 basis in property; $30,000 remaining basis. Mack has a basis in a partnership interest of $200,000, including his share of partnership debt.

]] gain or loss; ,000 basis in property; ,000 remaining basis. [[

John owns 300 of the shares, John’s grandfather owns 200 shares, John’s daughter owns 300 shares, and Redbird Corporation owns 200 shares. How many shares is John deemed to own in Cardinal Corporation under the attribution rules of §318? (TCO 5) Francis exchanges her 20% interest in Beryl Corporation for 10,000 shares of Pyrite Corporation (value $200,000) and $40,000 cash. The accumulated earnings of Beryl are $325,000, and the accumulated earnings of Pyrite are $225,000 at the time of the reorganization.

Wendy receives a proportionate nonliquidating distribution from the WXY Partnership.

The distribution consists of $75,000 cash & property ith an adjusted basis to the partnerhsip of $20,000 and a FMV of $25,000.

Hunter has no recognized loss; Warren has a recognized gain of $30,000. (TCO 3) As of January 1, Everest Corporation has a deficit in accumulated E & P of $75,000.

Hunter transfers equipment (basis of $210,000 and fair market value of $180,000), and Warren transfers land (basis of $15,000 and fair market value of $150,000) and $30,000 cash. Neither Hunter nor Warren has any recognized gain or loss.

||

John owns 300 of the shares, John’s grandfather owns 200 shares, John’s daughter owns 300 shares, and Redbird Corporation owns 200 shares. How many shares is John deemed to own in Cardinal Corporation under the attribution rules of §318? (TCO 5) Francis exchanges her 20% interest in Beryl Corporation for 10,000 shares of Pyrite Corporation (value $200,000) and $40,000 cash. The accumulated earnings of Beryl are $325,000, and the accumulated earnings of Pyrite are $225,000 at the time of the reorganization.Wendy receives a proportionate nonliquidating distribution from the WXY Partnership.The distribution consists of $75,000 cash & property ith an adjusted basis to the partnerhsip of $20,000 and a FMV of $25,000. Hunter has no recognized loss; Warren has a recognized gain of $30,000. (TCO 3) As of January 1, Everest Corporation has a deficit in accumulated E & P of $75,000. Hunter transfers equipment (basis of $210,000 and fair market value of $180,000), and Warren transfers land (basis of $15,000 and fair market value of $150,000) and $30,000 cash. Neither Hunter nor Warren has any recognized gain or loss. How much gain or loss does Mark recognize; what is his basis in the property he received; and what is his remaining basis in the partnership interest? $25,000 loss; $25,000 basis in property; $0 remaining basis. $30,000 loss; $30,000 basis in property; $0 remaining basis. $0 gain or loss; $25,000 basis in property; $25,000 remaining basis. $0 gain or loss; $30,000 basis in property; $20,000 remaining basis. $0 gain or loss; $20,000 basis in property; $30,000 remaining basis. Mack has a basis in a partnership interest of $200,000, including his share of partnership debt.

]] gain or loss; ,000 basis in property; ,000 remaining basis. Mack has a basis in a partnership interest of 0,000, including his share of partnership debt.

remaining basis. ,000 loss; ,000 basis in property; [[

John owns 300 of the shares, John’s grandfather owns 200 shares, John’s daughter owns 300 shares, and Redbird Corporation owns 200 shares. How many shares is John deemed to own in Cardinal Corporation under the attribution rules of §318? (TCO 5) Francis exchanges her 20% interest in Beryl Corporation for 10,000 shares of Pyrite Corporation (value $200,000) and $40,000 cash. The accumulated earnings of Beryl are $325,000, and the accumulated earnings of Pyrite are $225,000 at the time of the reorganization.

Wendy receives a proportionate nonliquidating distribution from the WXY Partnership.

The distribution consists of $75,000 cash & property ith an adjusted basis to the partnerhsip of $20,000 and a FMV of $25,000.

Hunter has no recognized loss; Warren has a recognized gain of $30,000. (TCO 3) As of January 1, Everest Corporation has a deficit in accumulated E & P of $75,000.

Hunter transfers equipment (basis of $210,000 and fair market value of $180,000), and Warren transfers land (basis of $15,000 and fair market value of $150,000) and $30,000 cash. Neither Hunter nor Warren has any recognized gain or loss.

||

John owns 300 of the shares, John’s grandfather owns 200 shares, John’s daughter owns 300 shares, and Redbird Corporation owns 200 shares. How many shares is John deemed to own in Cardinal Corporation under the attribution rules of §318? (TCO 5) Francis exchanges her 20% interest in Beryl Corporation for 10,000 shares of Pyrite Corporation (value $200,000) and $40,000 cash. The accumulated earnings of Beryl are $325,000, and the accumulated earnings of Pyrite are $225,000 at the time of the reorganization.Wendy receives a proportionate nonliquidating distribution from the WXY Partnership.The distribution consists of $75,000 cash & property ith an adjusted basis to the partnerhsip of $20,000 and a FMV of $25,000. Hunter has no recognized loss; Warren has a recognized gain of $30,000. (TCO 3) As of January 1, Everest Corporation has a deficit in accumulated E & P of $75,000. Hunter transfers equipment (basis of $210,000 and fair market value of $180,000), and Warren transfers land (basis of $15,000 and fair market value of $150,000) and $30,000 cash. Neither Hunter nor Warren has any recognized gain or loss. How much gain or loss does Mark recognize; what is his basis in the property he received; and what is his remaining basis in the partnership interest? $25,000 loss; $25,000 basis in property; $0 remaining basis. $30,000 loss; $30,000 basis in property; $0 remaining basis. $0 gain or loss; $25,000 basis in property; $25,000 remaining basis. $0 gain or loss; $30,000 basis in property; $20,000 remaining basis. $0 gain or loss; $20,000 basis in property; $30,000 remaining basis. Mack has a basis in a partnership interest of $200,000, including his share of partnership debt.

]] remaining basis. [[

John owns 300 of the shares, John’s grandfather owns 200 shares, John’s daughter owns 300 shares, and Redbird Corporation owns 200 shares. How many shares is John deemed to own in Cardinal Corporation under the attribution rules of §318? (TCO 5) Francis exchanges her 20% interest in Beryl Corporation for 10,000 shares of Pyrite Corporation (value $200,000) and $40,000 cash. The accumulated earnings of Beryl are $325,000, and the accumulated earnings of Pyrite are $225,000 at the time of the reorganization.

Wendy receives a proportionate nonliquidating distribution from the WXY Partnership.

The distribution consists of $75,000 cash & property ith an adjusted basis to the partnerhsip of $20,000 and a FMV of $25,000.

Hunter has no recognized loss; Warren has a recognized gain of $30,000. (TCO 3) As of January 1, Everest Corporation has a deficit in accumulated E & P of $75,000.

Hunter transfers equipment (basis of $210,000 and fair market value of $180,000), and Warren transfers land (basis of $15,000 and fair market value of $150,000) and $30,000 cash. Neither Hunter nor Warren has any recognized gain or loss.

||

John owns 300 of the shares, John’s grandfather owns 200 shares, John’s daughter owns 300 shares, and Redbird Corporation owns 200 shares. How many shares is John deemed to own in Cardinal Corporation under the attribution rules of §318? (TCO 5) Francis exchanges her 20% interest in Beryl Corporation for 10,000 shares of Pyrite Corporation (value $200,000) and $40,000 cash. The accumulated earnings of Beryl are $325,000, and the accumulated earnings of Pyrite are $225,000 at the time of the reorganization.Wendy receives a proportionate nonliquidating distribution from the WXY Partnership.The distribution consists of $75,000 cash & property ith an adjusted basis to the partnerhsip of $20,000 and a FMV of $25,000. Hunter has no recognized loss; Warren has a recognized gain of $30,000. (TCO 3) As of January 1, Everest Corporation has a deficit in accumulated E & P of $75,000. Hunter transfers equipment (basis of $210,000 and fair market value of $180,000), and Warren transfers land (basis of $15,000 and fair market value of $150,000) and $30,000 cash. Neither Hunter nor Warren has any recognized gain or loss. How much gain or loss does Mark recognize; what is his basis in the property he received; and what is his remaining basis in the partnership interest? $25,000 loss; $25,000 basis in property; $0 remaining basis. $30,000 loss; $30,000 basis in property; $0 remaining basis. $0 gain or loss; $25,000 basis in property; $25,000 remaining basis. $0 gain or loss; $30,000 basis in property; $20,000 remaining basis. $0 gain or loss; $20,000 basis in property; $30,000 remaining basis. Mack has a basis in a partnership interest of $200,000, including his share of partnership debt.

]] gain or loss; ,000 basis in property; ,000 remaining basis. [[

John owns 300 of the shares, John’s grandfather owns 200 shares, John’s daughter owns 300 shares, and Redbird Corporation owns 200 shares. How many shares is John deemed to own in Cardinal Corporation under the attribution rules of §318? (TCO 5) Francis exchanges her 20% interest in Beryl Corporation for 10,000 shares of Pyrite Corporation (value $200,000) and $40,000 cash. The accumulated earnings of Beryl are $325,000, and the accumulated earnings of Pyrite are $225,000 at the time of the reorganization.

Wendy receives a proportionate nonliquidating distribution from the WXY Partnership.

The distribution consists of $75,000 cash & property ith an adjusted basis to the partnerhsip of $20,000 and a FMV of $25,000.

Hunter has no recognized loss; Warren has a recognized gain of $30,000. (TCO 3) As of January 1, Everest Corporation has a deficit in accumulated E & P of $75,000.

Hunter transfers equipment (basis of $210,000 and fair market value of $180,000), and Warren transfers land (basis of $15,000 and fair market value of $150,000) and $30,000 cash. Neither Hunter nor Warren has any recognized gain or loss.

||

John owns 300 of the shares, John’s grandfather owns 200 shares, John’s daughter owns 300 shares, and Redbird Corporation owns 200 shares. How many shares is John deemed to own in Cardinal Corporation under the attribution rules of §318? (TCO 5) Francis exchanges her 20% interest in Beryl Corporation for 10,000 shares of Pyrite Corporation (value $200,000) and $40,000 cash. The accumulated earnings of Beryl are $325,000, and the accumulated earnings of Pyrite are $225,000 at the time of the reorganization.Wendy receives a proportionate nonliquidating distribution from the WXY Partnership.The distribution consists of $75,000 cash & property ith an adjusted basis to the partnerhsip of $20,000 and a FMV of $25,000. Hunter has no recognized loss; Warren has a recognized gain of $30,000. (TCO 3) As of January 1, Everest Corporation has a deficit in accumulated E & P of $75,000. Hunter transfers equipment (basis of $210,000 and fair market value of $180,000), and Warren transfers land (basis of $15,000 and fair market value of $150,000) and $30,000 cash. Neither Hunter nor Warren has any recognized gain or loss. How much gain or loss does Mark recognize; what is his basis in the property he received; and what is his remaining basis in the partnership interest? $25,000 loss; $25,000 basis in property; $0 remaining basis. $30,000 loss; $30,000 basis in property; $0 remaining basis. $0 gain or loss; $25,000 basis in property; $25,000 remaining basis. $0 gain or loss; $30,000 basis in property; $20,000 remaining basis. $0 gain or loss; $20,000 basis in property; $30,000 remaining basis. Mack has a basis in a partnership interest of $200,000, including his share of partnership debt.

]] gain or loss; ,000 basis in property; ,000 remaining basis. [[

John owns 300 of the shares, John’s grandfather owns 200 shares, John’s daughter owns 300 shares, and Redbird Corporation owns 200 shares. How many shares is John deemed to own in Cardinal Corporation under the attribution rules of §318? (TCO 5) Francis exchanges her 20% interest in Beryl Corporation for 10,000 shares of Pyrite Corporation (value $200,000) and $40,000 cash. The accumulated earnings of Beryl are $325,000, and the accumulated earnings of Pyrite are $225,000 at the time of the reorganization.

Wendy receives a proportionate nonliquidating distribution from the WXY Partnership.

The distribution consists of $75,000 cash & property ith an adjusted basis to the partnerhsip of $20,000 and a FMV of $25,000.

Hunter has no recognized loss; Warren has a recognized gain of $30,000. (TCO 3) As of January 1, Everest Corporation has a deficit in accumulated E & P of $75,000.

Hunter transfers equipment (basis of $210,000 and fair market value of $180,000), and Warren transfers land (basis of $15,000 and fair market value of $150,000) and $30,000 cash. Neither Hunter nor Warren has any recognized gain or loss.

||

John owns 300 of the shares, John’s grandfather owns 200 shares, John’s daughter owns 300 shares, and Redbird Corporation owns 200 shares. How many shares is John deemed to own in Cardinal Corporation under the attribution rules of §318? (TCO 5) Francis exchanges her 20% interest in Beryl Corporation for 10,000 shares of Pyrite Corporation (value $200,000) and $40,000 cash. The accumulated earnings of Beryl are $325,000, and the accumulated earnings of Pyrite are $225,000 at the time of the reorganization.Wendy receives a proportionate nonliquidating distribution from the WXY Partnership.The distribution consists of $75,000 cash & property ith an adjusted basis to the partnerhsip of $20,000 and a FMV of $25,000. Hunter has no recognized loss; Warren has a recognized gain of $30,000. (TCO 3) As of January 1, Everest Corporation has a deficit in accumulated E & P of $75,000. Hunter transfers equipment (basis of $210,000 and fair market value of $180,000), and Warren transfers land (basis of $15,000 and fair market value of $150,000) and $30,000 cash. Neither Hunter nor Warren has any recognized gain or loss. How much gain or loss does Mark recognize; what is his basis in the property he received; and what is his remaining basis in the partnership interest? $25,000 loss; $25,000 basis in property; $0 remaining basis. $30,000 loss; $30,000 basis in property; $0 remaining basis. $0 gain or loss; $25,000 basis in property; $25,000 remaining basis. $0 gain or loss; $30,000 basis in property; $20,000 remaining basis. $0 gain or loss; $20,000 basis in property; $30,000 remaining basis. Mack has a basis in a partnership interest of $200,000, including his share of partnership debt.

]] gain or loss; ,000 basis in property; ,000 remaining basis. Mack has a basis in a partnership interest of 0,000, including his share of partnership debt.

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