lucas is a 25% partner in the lcs partnership. on january 1, lcs distributes $40,000 cash and land with a $32,000 fair value (inside basis $16,000). lcs has no liabilities at the date of the distribution. lucas' basis in lcs is $32,000. what is the amount and character of lucas' gain or loss on the liquidating distribution?

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07-12-2022
Business

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lucas is a 25% partner in the lcs partnership. on january 1, lcs distributes $40,000 cash and land with a $32,000 fair value (inside basis $16,000). lcs has no liabilities at the date of the distribution. lucas' basis in lcs is $32,000. what is the amount and character of lucas' gain or loss on the liquidating distribution?

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