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in a proportionate liquidating distribution, Lina receives a distribution of $10,000 cash, accounts receivable (basis of $0 and fair market value of

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in a proportionate liquidating distribution, Lina receives a distribution of $10,000 cash, accounts receivable (basis of $0 and fair market value of

in a proportionate liquidating distribution, Lina receives a distribution of $10,000 cash, accounts receivable (basis of $0 and fair market value of $12,000), and inventory (basis of $30,000 and fair market value of $40,000). Lina’s basis in the entity immediately before the distribution was $80,000. As a result of the distribution, what is Lina’s basis in the accounts receivable and inventory, and how much gain or loss does she recognize? 1. $12,000 basis in accounts receivable; $30,000 basis in inventory; $28,000 gain. 2. $0 basis in accounts receivable; $70,000 basis in inventory; $0 gain or loss. 3. $12,000 basis in accounts receivable; $40,000 basis in inventory; $18,000 gain. 4. $0 basis in accounts receivable; $30,000 basis in inventory; $40,000 loss. 5. $0 basis in accounts receivable; $40,000 basis in inventory; $50,000 loss.

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