When bruno's basis in his llc interest is $187,200, he receives cash of $74,880, a proportionate share of inventory, and land in a distribution that liquidates both the llc and his entire llc interest. the inventory has a basis to the llc of $46,800 and a fair market value of $59,904. the land's basis is $84,240 and the fair market value is $74,880. how much gain or loss does bruno recognize and what is his basis in the inventory and land received in the distribution?

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21-11-2017
Business

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When bruno's basis in his llc interest is $187,200, he receives cash of $74,880, a proportionate share of inventory, and land in a distribution that liquidates both the llc and his entire llc interest. the inventory has a basis to the llc of $46,800 and a fair market value of $59,904. the land's basis is $84,240 and the fair market value is $74,880. how much gain or loss does bruno recognize and what is his basis in the inventory and land received in the distribution?

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W0lf93 W0lf93 · Answer 1 · 2017-11-30T22:49:45+01:00

W0lf93 W0lf93

30-11-2017

If Bruno's basis in LLC interest is $187,200 he receives $74,880 cash. Bruno's basis in inventory is $51,346 and his basis in land is $64,183. The total value Bruno has in cash, inventory, and land is $190,409. Bruno recognized a gain of $3,209.

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