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What is ashleigh basis in the accounts receivable

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QUESTION - Liquidating Distributions

In a proportionate liquidating distribution, Ashleigh receives a distribution of accounts receivable (basis to the partnership of $0, fair market value of $40,000), and land (basis to the partnership of $40,000, fair market value of $50,000). In addition, the partnership repays all liabilities, of which Ashleigh's share was $70,000. Ashleigh's basis in the entity immediately before the distribution was $60,000, which includes her share of Partnership liabilities.

As a result of the distribution, what is Ashleigh's basis in the accounts receivable and land, and how much gain or loss does she recognize?

Reference no: EM132038197

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