Day 29 Flashcards
1
Q
What is the basis of property distributed in a non liquidating distribution from a partnership to a partner?
A
Partner assumes the basis of the property from the partnership
MCQ-01933
2
Q
When does a partner recognize gain in a partnership distribution?
A
Rule: a partner who receives a distribution from a partnership recognizes gain only to the extent that he receives cash in excess of the adjusted basis of his interest in the partnership immediately before the distribution
MCQ-06538
3
Q
MCQ-07193
Partnership distribution rules
A
