Calculate Sharon’s recognized gain or loss on the distribution Custom Essay

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The Sharon Trust incurred the following items during the year.

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Partnership’s Basis in Asset

Asset’s Fair Market Value

Cash

$80,000

$80,000

Inventory

$130,000

$150,000

Land

$90,000

$105,000

(I) Calculate Sharon’s recognized gain or loss on the distribution, if any. (II) Calculate Sharon’s basis in the inventory received. (III) Calculate Sharon’s basis in land received. The land is a capital asset. (Points : 30)

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