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AICPA每日一练之REG【2015-12-28】

高顿网校2015-12-28 09:26Lynn.yu
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Able, an individual, is a partner in CD Partnership with an adjusted basis of $30,000 for Able's partnership interest. Able received a non-liquidating distribution of $25,000 cash and property with an adjusted basis of $7,000, and a fair market value of $10,000. What amount of gain should Able recognize?

a. $12,000

b. $5,000

c. $0

d. $2,000

Answer:C

Choice "c" is correct. Gain is recognized only to the extent that cash distributed exceeds the adjusted basis of the partner's interest in the partnership immediately before the distribution. Able's basis in the partnership immediately before the distribution is $30,000. The cash distribution is $25,000. This is not in excess of basis and there is a $5,000 basis remaining. Able's basis in the distributed property is the $5,000 remaining partnership basis.

Choices "d", "b", and "a" are incorrect, per the above explanation.

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上一篇：AICPA每日一练之BEC【2015-12-28】
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