Business, 15.04.2020 22:57 alexis3567

JESSICIA IS A 25 % PARTNER IN THE JRL PARTNERSHIP. ON JANUARY 1, JRL DISTRIBUTES $40,000 CASH TO JESSICIA.

JRL HAS NO HOT ASSETS OR LIABILITIES AT THE DATE OF THE DISTRIBUTION.

JESSICA'S BASIS IN JRL IS $28,000.

WHAT IS THE AMOUNT AND CHARACTER OF JESSICA'S (GAIN OR LOSS) FROM THE DISTRIBUTION?

MULTIPLE CHOICE

1. $0
2. $12,000 ORDINARY INCOME
3. $12,000 CAPITOL LOSS
4. $12,000 CAPITOL GAIN

Answers: 1

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JESSICIA IS A 25 % PARTNER IN THE JRL PARTNERSHIP. ON JANUARY 1, JRL DISTRIBUTES $40,000 CASH TO JES...

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