Business, 21.12.2019 01:31 davienwatson8

When bruno's basis in his llc interest is $150,000, he receives cash of $55,000, 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 $45,000 and a fair market value of $48,000. the land's basis is $70,000 and the fair market value is $60,000.how much gain or loss does bruno recognize and what is his basis in the inventory and land received in the distribution? under these circumstances, bruno recognizes no gain or loss. bruno's basis in the inventory is :

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When bruno's basis in his llc interest is $150,000, he receives cash of $55,000, a proportionate sha...

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