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Mikaere received a proportionate liquidating distribution from the Jimsoo Partnership. This included $7,400 in cash and two capital assets: Land A with a fair market value of $20,800 and basis of $16,600 to the partnership, and Land B with a fair market value of $10,300 and basis of $16,600 to the partnership. The question asks for Mikaere's basis in the distributed assets.

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Required informotion (The following information applies to the questions disployed below.] Mikaere's basis in the Jimsoo Partnership is $55,000, In a proportionate liquidating distribution, Mikaere receives cash of $7,400 and two capital assets: (1) Land A with a fair market value of $20 ,800 and a basis to Jimsoo of $16,600, and 2 . Land B with a fair market value of $10,300 and a basis to Jimsoo of $16,600. Jimsoo has no liabilities. b. What is Mikaere's basis in the distributed assets? Note: Round your intermediate and final answers to the nearest whole dollor amount. A Answer is complete but not entirely correct.

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Required informotion The following information applies to t.pdf

  • 1. Required informotion (The following information applies to the questions disployed below.] Mikaere's basis in the Jimsoo Partnership is $55,000, In a proportionate liquidating distribution, Mikaere receives cash of $7,400 and two capital assets: (1) Land A with a fair market value of $20 ,800 and a basis to Jimsoo of $16,600, and 2 . Land B with a fair market value of $10,300 and a basis to Jimsoo of $16,600. Jimsoo has no liabilities. b. What is Mikaere's basis in the distributed assets? Note: Round your intermediate and final answers to the nearest whole dollor amount. A Answer is complete but not entirely correct.