Maurice Tutor

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    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 11 Aug 2017 My Price 7.00

KDP Partnership

Kathy is a 25% partner in the KDP Partnership and receives $120,000 cash in complete liquidation of her partnership interest. Kathy's outside basis immediately before the distribution is $160,000. KDP currently has a A?§ 754 election in effect and has no hot assets or liabilities. Which of the following statements is true?

 

KDP will step up the basis of its assets by $40,000 and Kathy will recognize a $40,000 loss on the distribution.
 

KDP will step up the basis of its assets by $40,000 and Kathy will recognize a $40,000 gain on the distribution.
 

KDP will step down the basis of its assets by $40,000 and Kathy will recognize a $40,000 loss on the distribution.
 

KDP will step down the basis of its assets by $40,000 and Kathy will recognize a $40,000 gain on the distribution.

 

Answers

Maurice Tutor
(5)
Status NEW Posted 11 Aug 2017 01:08 PM My Price 7.00

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