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NNADVOKAT [17]
3 years ago
12

Esther and Elizabeth are equal partners in the EE Partnership. The partners formed the partnership seven years ago by contributi

ng cash. Prior to any distributions, the partners each have a $40,800 basis in their partnership interests including their share of partnership liabilities. On December 31, EE partnership repays $66,000 of debt. What is the amount and character of Esther's recognized gain or loss
Business
1 answer:
Ber [7]3 years ago
8 0

Answer: Esther does not recognize any gain or loss on the distribution and her remaining basis in EE is $15,000

Explanation:

Base on the scenario been described in the question, repayment of liabilities is treated as a cash distribution. Esther's share of the debt reduction is Since this amount is lower than her outside basis ($40,000) she does not recognize a gain or loss.reduces her outside basis by the $25,000, which leaves her $15,000 of outside basis in EE afterthe debt repayment.

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