Nadine Fimple is a one-third partner in the NWL Partnership with equal inside and outside bases.On January 1,NWL distributes $100,000 to Nadine in complete liquidation of her FPL interest.NWL's balance sheet as of January 1 is as follows:
What is the amount and character of Nadine's recognized gain or loss on the distribution?

Question

Nadine Fimple is a one-third partner in the NWL Partnership with equal inside and outside bases.On January 1,NWL distributes $100,000 to Nadine in complete liquidation of her FPL interest.NWL's balance sheet as of January 1 is as follows:
   What is the amount and character of Nadine's recognized gain or loss on the distribution?

Quizplus · Accepted Answer

The Answer of Nadine Fimple is a one-third partner in the NWL Partnership with equal inside and outside bases.On January 1,NWL distributes $100,000 to Nadine in complete liquidation of her FPL interest.NWL's balance sheet as of January 1 is as follows:
   What is the amount and character of Nadine's recognized gain or loss on the distribution?

Nadine Fimple Is a One-Third Partner in the NWL Partnership