Nadine Fimple is a one-half partner in the NL Partnership with equal inside and outside bases.On January 1,NL distributes accounts receivable with a fair value of $100,000 to Nadine as an operating distribution.NL'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-half partner in the NL Partnership with equal inside and outside bases.On January 1,NL distributes accounts receivable with a fair value of $100,000 to Nadine as an operating distribution.NL'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?

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The Answer of Nadine Fimple is a one-half partner in the NL Partnership with equal inside and outside bases.On January 1,NL distributes accounts receivable with a fair value of $100,000 to Nadine as an operating distribution.NL'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-Half Partner in the NL Partnership