Question
The WXYZ partnership has the two assets shown in table before its liquidating distribution to partner...
The WXYZ partnership has the two assets shown in table before its liquidating distribution to partner W. If partner W with a $3,000 basis in her 25% interest receives $10,000 of capital assets, what basis will W have in the capital assets as a result of the liquidation?
Assets Basis Value
Accounts Receivable $0 $20,000
capital assets 12,000 20,000
Total $12,000 $40,000
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