Geneva receives a proportionate nonliquidating distribution Dating guy with adult daughters


31-Mar-2020 00:10

Digitized by Vj OOQ IC AKin JAL BEPOBT OP THE FEMIRAL BESBBVE BOABD. 8,600,000 1,236,960 3,840,000 1,280,965 5,440,000 1,108,620 950,000 66,750 730,000 44,400 14,660,000 Retired 8,727,606 Outstanding 2,373,040 2,550,035 4,331,380 883,250 685,600 10,832,306 HIchmond: Issued 9,079,300 3,413,320 10,067,700 8,167,700 9,264,400 2,606,710 1,887,200 1,011,850 717,000 385,300 81,015,600 10,584,880 Retirsd Ootstandt DK 5,665,980 6,900,000 6,657,690 875,350 331,700 20,430,720 :^=^=^sss Digitized by Vj OOQ IC 48 ANKUAL BSPORT OF THE r BDBKAI. Retired 13^QS7,000 3,231,790 8^129,900 1,302,600 6,^2,000 334,500 896,000 316,360 20,000 27,420,080 5,185,249 Ontstandinjr 9,835,210 6,823,400 4,977,500 578,650 20,000 22,234,29 Issued.

should be made to the Federal Reserve Act, the Board has been im- pressed with its duty to keep in close touch with the situation and to control as far as possible conditions resulting from either an exces- sive inflow or outgo of gold. BSSOMf E BOAISDU Fedefol Seterwe notn bp dmotrnnatwn^ imiud through the Ftdeni Buene «ya»(« tm- Bank. 8,624,750 3,707,580 13,675,400 5333,76S 11,608,000 8,594,300 2,230,000 1,149,850 2,130,080 770, «0 38,258,730 H, 496, 835 R^ii^ Ontstandtnir 4,917,170 8,341,635 8,074,380 1,070,150 1,359,600 23,782,856 Sua Fnnci Mo: lesmd 6y 440,099 2,928,110 2,360y009 1,6*1,209 5,200,000 266^400 2,000,009 19,900 3,600,000 20,380 19,800,000 4,818,910 Retired 2,511,890 1,775,800 4,933,600 1,980,100 3,579,700 n,;s,90t Total Issued 160,589,790 67,673^180 147,353,940 47,585,840 91,890,540 17,624,040 13,962,400 4,068,600 16,836,300 3,550,180 430,612,030 130,501.760 Total retired Total outstai Hling 102,896,570 99,767,200 74,266,690 9,893,809 13,286,200 300,110,2:0 Digitized by Vj OOQ IC AWBTUAL, BBPOBT OW THE FBDBRAL RB8BEVE BOABD.

Assume that Burgundy, Inc.’s annual guaranteed payment is increased to 0,000 starting on January 1, 2014, and the LLC’s taxable income for 20 (after deducting Burgundy’s guaranteed payment) is the same (i.e., ,000 and ,000, respectively). LO.14 Gil’s outside basis in his interest in the GO Partnership is 0,000. Does the partnership recognize any gain or loss as a result of this distribution? • The partner’s outside basis in the partnership after the distribution. Kim’s outside basis for her partnership interest immediately before the distribution is ,000. Kourtni receives ,000 of cash and land with an inside basis to the partnership of ,000 (value of ,000) in partial liquidation of her interest. LO.14 Sam’s basis in his partnership interest is ,000. LO.14 At the beginning of the tax year, Melodie’s basis in the MIP LLC was ,000, including her ,000 share of the LLC’s liabilities.

What is the amount of income from the LLC that Burgundy, Inc., must report for its tax year ending April 30, 2014? LO.13 Four GRRLs Partnership is owned by four girlfriends. If the partnership later sells the property for 0,000, how much gain must it recognize? How would your answers in (a) and (b) change if Lacy owned a 60% interest in the partnership? If Lacy owned a 60% interest and her basis in the investment property was 0,000 instead of 0,000, how much, if any, gain would she recognize on the sale? In a proportionate nonliquidating distribution, the partnership distributes to him cash of ,000, inventory (fair market value of ,000, basis to the partnership of ,000), and land (fair market value of ,000, basis to the partnership of ,000). Kourtni’s outside basis for her partnership interest immediately before the distribution is ,000. Assume the same facts as in (b), except that Kourtni’s outside basis for her partnership interest immediately before the distribution is ,000. Klois receives ,000 of cash and inventory with a basis of ,000 and a fair market value of ,000 in partial liquidation of her partnership interest. In a proportionate nonliquidating distribution, Sam receives ,000 of cash and two parcels of land, each with a basis of ,000 to the partnership. At the end of the year, MIP distributed to Melodie cash of ,000 and inventory (basis of ,000, fair market value of ,000).

— Directory of Federal Reserve Board, Federal Reserve Banks, and Advisory Council 188-191 CHARTS. But, owing to the growing volume of our exports to Europe, balances shortly began to appear in favor of this country. x Casjh WTiile there has been a notable addition to the gold holdings of the banks, there has been an even greater proportionate expansion of de- posits and of loans.

Federal Reserve notes issued to banks by agents 44, 45 Assets and liabilities of Federal Reserve Banks 58 Cash reserves of Federal Reserve Banks and cash holdings of Federal Reserve Banks and Agents 59 Earning assets, by classes, for each Federal Reserve Bank 62 Deposits and cash reserves held by commercial banks in the United States. 192 in Digitized by Vj OOQ IC ly TABLE OF CONTENTS. — Reports of Federal Reserve Agents to Federal Reserve Board: Page. These balances have increased at an unprece- dented rate. The investments of banks in stocks and bonds have increased during the period from June 30, 1914, to June 30, 1916, in the sum of

Digitized by Vj OOQ IC AKin JAL BEPOBT OP THE FEMIRAL BESBBVE BOABD. 8,600,000 1,236,960 3,840,000 1,280,965 5,440,000 1,108,620 950,000 66,750 730,000 44,400 14,660,000 Retired 8,727,606 Outstanding 2,373,040 2,550,035 4,331,380 883,250 685,600 10,832,306 HIchmond: Issued 9,079,300 3,413,320 10,067,700 8,167,700 9,264,400 2,606,710 1,887,200 1,011,850 717,000 385,300 81,015,600 10,584,880 Retirsd Ootstandt DK 5,665,980 6,900,000 6,657,690 875,350 331,700 20,430,720 :^=^=^sss Digitized by Vj OOQ IC 48 ANKUAL BSPORT OF THE r BDBKAI. Retired 13^QS7,000 3,231,790 8^129,900 1,302,600 6,^2,000 334,500 896,000 316,360 20,000 27,420,080 5,185,249 Ontstandinjr 9,835,210 6,823,400 4,977,500 578,650 20,000 22,234,29 Issued. should be made to the Federal Reserve Act, the Board has been im- pressed with its duty to keep in close touch with the situation and to control as far as possible conditions resulting from either an exces- sive inflow or outgo of gold. BSSOMf E BOAISDU Fedefol Seterwe notn bp dmotrnnatwn^ imiud through the Ftdeni Buene «ya»(« tm- Bank. 8,624,750 3,707,580 13,675,400 5333,76S 11,608,000 8,594,300 2,230,000 1,149,850 2,130,080 770, «0 38,258,730 H, 496, 835 R^ii^ Ontstandtnir 4,917,170 8,341,635 8,074,380 1,070,150 1,359,600 23,782,856 Sua Fnnci Mo: lesmd 6y 440,099 2,928,110 2,360y009 1,6*1,209 5,200,000 266^400 2,000,009 19,900 3,600,000 20,380 19,800,000 4,818,910 Retired 2,511,890 1,775,800 4,933,600 1,980,100 3,579,700 n,;s,90t Total Issued 160,589,790 67,673^180 147,353,940 47,585,840 91,890,540 17,624,040 13,962,400 4,068,600 16,836,300 3,550,180 430,612,030 130,501.760 Total retired Total outstai Hling 102,896,570 99,767,200 74,266,690 9,893,809 13,286,200 300,110,2:0 Digitized by Vj OOQ IC AWBTUAL, BBPOBT OW THE FBDBRAL RB8BEVE BOABD. Assume that Burgundy, Inc.’s annual guaranteed payment is increased to $120,000 starting on January 1, 2014, and the LLC’s taxable income for 20 (after deducting Burgundy’s guaranteed payment) is the same (i.e., $80,000 and $90,000, respectively). LO.14 Gil’s outside basis in his interest in the GO Partnership is $100,000. Does the partnership recognize any gain or loss as a result of this distribution? • The partner’s outside basis in the partnership after the distribution. Kim’s outside basis for her partnership interest immediately before the distribution is $3,000. Kourtni receives $40,000 of cash and land with an inside basis to the partnership of $30,000 (value of $50,000) in partial liquidation of her interest. LO.14 Sam’s basis in his partnership interest is $46,000. LO.14 At the beginning of the tax year, Melodie’s basis in the MIP LLC was $60,000, including her $40,000 share of the LLC’s liabilities.What is the amount of income from the LLC that Burgundy, Inc., must report for its tax year ending April 30, 2014? LO.13 Four GRRLs Partnership is owned by four girlfriends. If the partnership later sells the property for $260,000, how much gain must it recognize? How would your answers in (a) and (b) change if Lacy owned a 60% interest in the partnership? If Lacy owned a 60% interest and her basis in the investment property was $120,000 instead of $250,000, how much, if any, gain would she recognize on the sale? In a proportionate nonliquidating distribution, the partnership distributes to him cash of $30,000, inventory (fair market value of $40,000, basis to the partnership of $20,000), and land (fair market value of $90,000, basis to the partnership of $50,000). Kourtni’s outside basis for her partnership interest immediately before the distribution is $80,000. Assume the same facts as in (b), except that Kourtni’s outside basis for her partnership interest immediately before the distribution is $60,000. Klois receives $50,000 of cash and inventory with a basis of $30,000 and a fair market value of $50,000 in partial liquidation of her partnership interest. In a proportionate nonliquidating distribution, Sam receives $6,000 of cash and two parcels of land, each with a basis of $30,000 to the partnership. At the end of the year, MIP distributed to Melodie cash of $10,000 and inventory (basis of $6,000, fair market value of $10,000).— Directory of Federal Reserve Board, Federal Reserve Banks, and Advisory Council 188-191 CHARTS. But, owing to the growing volume of our exports to Europe, balances shortly began to appear in favor of this country. x Casjh WTiile there has been a notable addition to the gold holdings of the banks, there has been an even greater proportionate expansion of de- posits and of loans. Federal Reserve notes issued to banks by agents 44, 45 Assets and liabilities of Federal Reserve Banks 58 Cash reserves of Federal Reserve Banks and cash holdings of Federal Reserve Banks and Agents 59 Earning assets, by classes, for each Federal Reserve Bank 62 Deposits and cash reserves held by commercial banks in the United States. 192 in Digitized by Vj OOQ IC ly TABLE OF CONTENTS. — Reports of Federal Reserve Agents to Federal Reserve Board: Page. These balances have increased at an unprece- dented rate. The investments of banks in stocks and bonds have increased during the period from June 30, 1914, to June 30, 1916, in the sum of $1,211,644,754. Do not assume that just because we believe a book is in the public domain for users in the United States, that the work is also in the public domain for users in other countries. There has been a great lack of bottoms for off-shore shipment, so that it is the more surprising that the demand for shipment by rail to the interior has so fully absorbed the cut, especially in view of the acute shortage of cars. Whether a book is still in copyright varies from country to country, and we can't offer guidance on whether any specific use of any specific book is allowed. 12.— San Francisco 445-475 Digitized by Vj OOQ IC PART I. It is expected that transportation facilities will soon be better, partly from putting into commission wooden vessels now building for this trade and partly, by early spring, from a more adequate supply of cars.

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Digitized by Vj OOQ IC AKin JAL BEPOBT OP THE FEMIRAL BESBBVE BOABD. 8,600,000 1,236,960 3,840,000 1,280,965 5,440,000 1,108,620 950,000 66,750 730,000 44,400 14,660,000 Retired 8,727,606 Outstanding 2,373,040 2,550,035 4,331,380 883,250 685,600 10,832,306 HIchmond: Issued 9,079,300 3,413,320 10,067,700 8,167,700 9,264,400 2,606,710 1,887,200 1,011,850 717,000 385,300 81,015,600 10,584,880 Retirsd Ootstandt DK 5,665,980 6,900,000 6,657,690 875,350 331,700 20,430,720 :^=^=^sss Digitized by Vj OOQ IC 48 ANKUAL BSPORT OF THE r BDBKAI. Retired 13^QS7,000 3,231,790 8^129,900 1,302,600 6,^2,000 334,500 896,000 316,360 20,000 27,420,080 5,185,249 Ontstandinjr 9,835,210 6,823,400 4,977,500 578,650 20,000 22,234,29 Issued.

should be made to the Federal Reserve Act, the Board has been im- pressed with its duty to keep in close touch with the situation and to control as far as possible conditions resulting from either an exces- sive inflow or outgo of gold. BSSOMf E BOAISDU Fedefol Seterwe notn bp dmotrnnatwn^ imiud through the Ftdeni Buene «ya»(« tm- Bank. 8,624,750 3,707,580 13,675,400 5333,76S 11,608,000 8,594,300 2,230,000 1,149,850 2,130,080 770, «0 38,258,730 H, 496, 835 R^ii^ Ontstandtnir 4,917,170 8,341,635 8,074,380 1,070,150 1,359,600 23,782,856 Sua Fnnci Mo: lesmd 6y 440,099 2,928,110 2,360y009 1,6*1,209 5,200,000 266^400 2,000,009 19,900 3,600,000 20,380 19,800,000 4,818,910 Retired 2,511,890 1,775,800 4,933,600 1,980,100 3,579,700 n,;s,90t Total Issued 160,589,790 67,673^180 147,353,940 47,585,840 91,890,540 17,624,040 13,962,400 4,068,600 16,836,300 3,550,180 430,612,030 130,501.760 Total retired Total outstai Hling 102,896,570 99,767,200 74,266,690 9,893,809 13,286,200 300,110,2:0 Digitized by Vj OOQ IC AWBTUAL, BBPOBT OW THE FBDBRAL RB8BEVE BOABD.

Assume that Burgundy, Inc.’s annual guaranteed payment is increased to $120,000 starting on January 1, 2014, and the LLC’s taxable income for 20 (after deducting Burgundy’s guaranteed payment) is the same (i.e., $80,000 and $90,000, respectively). LO.14 Gil’s outside basis in his interest in the GO Partnership is $100,000. Does the partnership recognize any gain or loss as a result of this distribution? • The partner’s outside basis in the partnership after the distribution. Kim’s outside basis for her partnership interest immediately before the distribution is $3,000. Kourtni receives $40,000 of cash and land with an inside basis to the partnership of $30,000 (value of $50,000) in partial liquidation of her interest. LO.14 Sam’s basis in his partnership interest is $46,000. LO.14 At the beginning of the tax year, Melodie’s basis in the MIP LLC was $60,000, including her $40,000 share of the LLC’s liabilities.

What is the amount of income from the LLC that Burgundy, Inc., must report for its tax year ending April 30, 2014? LO.13 Four GRRLs Partnership is owned by four girlfriends. If the partnership later sells the property for $260,000, how much gain must it recognize? How would your answers in (a) and (b) change if Lacy owned a 60% interest in the partnership? If Lacy owned a 60% interest and her basis in the investment property was $120,000 instead of $250,000, how much, if any, gain would she recognize on the sale? In a proportionate nonliquidating distribution, the partnership distributes to him cash of $30,000, inventory (fair market value of $40,000, basis to the partnership of $20,000), and land (fair market value of $90,000, basis to the partnership of $50,000). Kourtni’s outside basis for her partnership interest immediately before the distribution is $80,000. Assume the same facts as in (b), except that Kourtni’s outside basis for her partnership interest immediately before the distribution is $60,000. Klois receives $50,000 of cash and inventory with a basis of $30,000 and a fair market value of $50,000 in partial liquidation of her partnership interest. In a proportionate nonliquidating distribution, Sam receives $6,000 of cash and two parcels of land, each with a basis of $30,000 to the partnership. At the end of the year, MIP distributed to Melodie cash of $10,000 and inventory (basis of $6,000, fair market value of $10,000).

— Directory of Federal Reserve Board, Federal Reserve Banks, and Advisory Council 188-191 CHARTS. But, owing to the growing volume of our exports to Europe, balances shortly began to appear in favor of this country. x Casjh WTiile there has been a notable addition to the gold holdings of the banks, there has been an even greater proportionate expansion of de- posits and of loans.

Federal Reserve notes issued to banks by agents 44, 45 Assets and liabilities of Federal Reserve Banks 58 Cash reserves of Federal Reserve Banks and cash holdings of Federal Reserve Banks and Agents 59 Earning assets, by classes, for each Federal Reserve Bank 62 Deposits and cash reserves held by commercial banks in the United States. 192 in Digitized by Vj OOQ IC ly TABLE OF CONTENTS. — Reports of Federal Reserve Agents to Federal Reserve Board: Page. These balances have increased at an unprece- dented rate. The investments of banks in stocks and bonds have increased during the period from June 30, 1914, to June 30, 1916, in the sum of $1,211,644,754.

Do not assume that just because we believe a book is in the public domain for users in the United States, that the work is also in the public domain for users in other countries. There has been a great lack of bottoms for off-shore shipment, so that it is the more surprising that the demand for shipment by rail to the interior has so fully absorbed the cut, especially in view of the acute shortage of cars.

,211,644,754.

Do not assume that just because we believe a book is in the public domain for users in the United States, that the work is also in the public domain for users in other countries. There has been a great lack of bottoms for off-shore shipment, so that it is the more surprising that the demand for shipment by rail to the interior has so fully absorbed the cut, especially in view of the acute shortage of cars.

— Changes in Federal Reserve districts 122-133 Exhibit I . In practically all important industries labor and capital have throughout the year found full and remunerative em- ployment. From that date to November 17, 1916, deposits increased 48.6 per cent, while loans and invest- ments increased only 21.9 per cent, then equaling 82.5 per cent of deposits. We encourage the use of public domain materials for these purposes and may be able to help. On December 26 it was reported that there were in hand unshipped orders aggregating 12,356 cars. — Deposit of the Treasurer of the United States at the beginning of each month during 1916. Maintain attribution The Google "watermark" you see on each file is essential for informing people about this project and helping them find additional materials through Google Book Search. Keep it legal Whatever your use, remember that you are responsible for ensuring that what you are doing is legal. The advances in price, which have been considerable, have been largely offset by increases in the cost of labor and of supplies, so that it is doubtful if the pro- ducers' margin has increased. 1 Mayl Junel Julyl ,807,748.00 16,889,802.10 13,388,019.40 14,033,806.40 11,061,336.90 17,726,621.86 17,442,282.16 1910. About Google Book Search Google's mission is to organize the world's information and to make it universally accessible and useful. — Statement of condition of Federal Reserve Banks 56-83 Exhibit D. Federal Keserve Boabd, Washington^ February 5, 1917. Bank clearings, building permits, and postoffice receipts all show important increases during the year. 125 per cent ,062.60 35,353.64 328,984.17 20,301.67 2,850.48 842,323.81 795,521.04 1,359,881.05 623,817.09 533,205.19 2.126 to 2.2Jrper cent 0,000.00 2.251 1 2 .875per cent 2.376 to 2.5 Der cent 2.501 to 2.625 per cent 2.626 to 2.75 Der cent 2.751 to 2.875 per cent 166,049.64 2.876 to 3 per cent..

Google Book Search helps readers discover the world's books while helping authors and publishers reach new audiences. — Report of the Federal Reserve Board 1 Text of report: Lf Otter of transmittal 1 Inflow of gold and attendant problems 1 Development of discount rates 5 Federal Reserve note issues 7 Conversion of bonds and retirement of national-bank notes : 7 Clearance and collection system 9 Earnings and expenses of Federal Reserve Banks 12 Branches and agencies of Federal Reserve Banks 14 Operations abroad 16 Enforcement of the Clayton Act 17- Entry of new members into system 19 Fiduciary powers 21 Changes in Federal Reserve districts 21 More effective control of gold supply, and proposed amendments 2fc Other proposed amendments to Federal Reserve Act 27 Staff and organization of the Federal Reserve Board 29 EXHIBITS. — Investment operations of Federal Reserve Banks 84-105 Exhibit E. The Speaker of the House op Representatives : The Federal Reserve Board presents herewith its annual report for the calendar year 1916. The extent of the expansion in the volume of general business in this district since the outbreak of the European war is well indi- cated by a comparison of the amount of loans and investments and the amount of deposits of national banks on Jime 30, 1914, just before the declarations of war, with those on corresponding dates in 19 and on November 17, 1916, as shown in Table 16. 228,367.23 197,090.20 25,000.00 S.001to3.125peroent 126,787.60 S.126 to 3.25 per cent 3.251 to 8.375 per cent 62,026.68 247,026.68 3.376 to 3.5 Der cent 4,294.76 194,294.76 230,525.77 56,668.20 3.501 to 3.025 per cent 204,000.00 8.876 to 4 Der cent ,668.20 * Total 802.4AA.1A 260- 000.

The inventory and capital asset have fair market values of ,000 and ,000, respectively. Oscar has a partnership basis of ,000 and receives a distribution of ,000 of cash and an account receivable with a basis of [[

Google Book Search helps readers discover the world's books while helping authors and publishers reach new audiences. — Report of the Federal Reserve Board 1 Text of report: Lf Otter of transmittal 1 Inflow of gold and attendant problems 1 Development of discount rates 5 Federal Reserve note issues 7 Conversion of bonds and retirement of national-bank notes : 7 Clearance and collection system 9 Earnings and expenses of Federal Reserve Banks 12 Branches and agencies of Federal Reserve Banks 14 Operations abroad 16 Enforcement of the Clayton Act 17- Entry of new members into system 19 Fiduciary powers 21 Changes in Federal Reserve districts 21 More effective control of gold supply, and proposed amendments 2fc Other proposed amendments to Federal Reserve Act 27 Staff and organization of the Federal Reserve Board 29 EXHIBITS. — Investment operations of Federal Reserve Banks 84-105 Exhibit E. The Speaker of the House op Representatives : The Federal Reserve Board presents herewith its annual report for the calendar year 1916. The extent of the expansion in the volume of general business in this district since the outbreak of the European war is well indi- cated by a comparison of the amount of loans and investments and the amount of deposits of national banks on Jime 30, 1914, just before the declarations of war, with those on corresponding dates in 19 and on November 17, 1916, as shown in Table 16. 228,367.23 197,090.20 25,000.00 S.001to3.125peroent 126,787.60 S.126 to 3.25 per cent 3.251 to 8.375 per cent 62,026.68 247,026.68 3.376 to 3.5 Der cent $194,294.76 194,294.76 230,525.77 56,668.20 3.501 to 3.025 per cent 204,000.00 8.876 to 4 Der cent $56,668.20 * Total 802.4AA.1A 260- 000.

The inventory and capital asset have fair market values of $20,000 and $30,000, respectively. Oscar has a partnership basis of $40,000 and receives a distribution of $10,000 of cash and an account receivable with a basis of $0 to the partnership (value is $15,000).

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Google Book Search helps readers discover the world's books while helping authors and publishers reach new audiences. — Report of the Federal Reserve Board 1 Text of report: Lf Otter of transmittal 1 Inflow of gold and attendant problems 1 Development of discount rates 5 Federal Reserve note issues 7 Conversion of bonds and retirement of national-bank notes : 7 Clearance and collection system 9 Earnings and expenses of Federal Reserve Banks 12 Branches and agencies of Federal Reserve Banks 14 Operations abroad 16 Enforcement of the Clayton Act 17- Entry of new members into system 19 Fiduciary powers 21 Changes in Federal Reserve districts 21 More effective control of gold supply, and proposed amendments 2fc Other proposed amendments to Federal Reserve Act 27 Staff and organization of the Federal Reserve Board 29 EXHIBITS. — Investment operations of Federal Reserve Banks 84-105 Exhibit E. The Speaker of the House op Representatives : The Federal Reserve Board presents herewith its annual report for the calendar year 1916. The extent of the expansion in the volume of general business in this district since the outbreak of the European war is well indi- cated by a comparison of the amount of loans and investments and the amount of deposits of national banks on Jime 30, 1914, just before the declarations of war, with those on corresponding dates in 19 and on November 17, 1916, as shown in Table 16. 228,367.23 197,090.20 25,000.00 S.001to3.125peroent 126,787.60 S.126 to 3.25 per cent 3.251 to 8.375 per cent 62,026.68 247,026.68 3.376 to 3.5 Der cent $194,294.76 194,294.76 230,525.77 56,668.20 3.501 to 3.025 per cent 204,000.00 8.876 to 4 Der cent $56,668.20 * Total 802.4AA.1A 260- 000. The inventory and capital asset have fair market values of $20,000 and $30,000, respectively. Oscar has a partnership basis of $40,000 and receives a distribution of $10,000 of cash and an account receivable with a basis of $0 to the partnership (value is $15,000).

]] to the partnership (value is ,000).