Reference no: EM13995047
The Olive Partnership makes a proportionate distribution of its assets to Jerry, in complete liquidation of his partnership interest. The distribution consists of $40,000 in cash and capital assets with a basis to the partnership of $150,000 and a fair market value of $160,000. None of the payment is for partnership goodwill. At the time of the distribution, Jerry's partnership basis is $150,000 and the partnership has no liabilities and no "hot assets." If the partnership makes an optional basis adjustment election on a timely filed return, it recognizes:
a. Capital gain of $40,000 and increases the basis of its remaining assets by $40,000.
b. Capital loss of $40,000 and decreases the basis of its remaining assets by $40,000.
c. No gain or loss and increases the basis of its remaining assets by $40,000.
d. No gain or loss and decreases the basis of its remaining assets by $40,000.
e. None of the above.
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