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How much gain or loss does Bruno recognize

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Problem - When Bruno's basis in his LLC interest is $205,600, he receives cash of $82,240, 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 $51,400 and a fair market value of $65,792. The land's basis is $92,520, and the fair market value is $82,240. How much gain or loss does Bruno recognize, and what is his basis in the inventory and land received in the distribution?

Reference no: EM132782536

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