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shepuryov [24]
3 years ago
7

Lola owns a one-half interest in the Lenax LLC. Her basis in this ownership interest is $22,000 on December 31, 2016, after acco

unting for the calendar year LLC’s 2016 operations. On that date, the LLC distributes $25,000 cash to Lola in a proportionate nonliquidating distribution.She recognizes a $___________ from this distribution.
Business
1 answer:
Marina CMI [18]3 years ago
7 0

Answer:

The answer is Lola should acknowledge a $3,000 from this distribution.

Explanation:

From the question given, we say that, Lola should acknowledge a $3,000 from this distribution.

Recall that

The Cash Distributed  cash = $ 25,000

The Basis in this ownership of interest is  = $22,000

The Gain = $3,000

Lola basis after the distribution is zero.

Therefore Lola should accept this distribution of a $ 3000

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