mark is a 30% partner in the dmd partnership. on january 1, dmd distributes $52,000 cash to mark in complete liquidation of his interest. dmd has only capital assets and no liabilities at the date of the distribution. mark's basis in dmd is $74,000. what is the amount and character of mark's gain or loss on the distribution?

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07-12-2022
Business

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mark is a 30% partner in the dmd partnership. on january 1, dmd distributes $52,000 cash to mark in complete liquidation of his interest. dmd has only capital assets and no liabilities at the date of the distribution. mark's basis in dmd is $74,000. what is the amount and character of mark's gain or loss on the distribution?

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