G owns a 40% interest in a partnership, which had a basis of $25,000 at year end before distributions.
G owns a 40% interest in a partnership, which had a basis of $25,000 at year end before distributions. Because he was in dire need of cash, he convinced the partnership to let him withdraw $30,000 in cash at year end. What is G’s ending partner interest in partnership?What is G’s gain/loss from the distribution?What is the character: ordinary, capital or 1231?
G owns a 40% interest in a partnership, which had a basis of $25,000 at year end beforedistributions. Because he was in dire need of cash, he convinced the partnership to let himwithdraw $30,000…