Recognized Gain Calculations
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Please help me with the following showing calculations:
Lemonade, LLC distributes property to Arlene, one of its members. At the time of the distribtutions, Arlene has an outside basis of $50,000. The FMV of the property is $90,000 and its inside tax basis to Lemonade is $70,000. this is a nonliquidiating distribution. What is Lemonade's recognized gain on the distribution?
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Solution Summary
The solution calculates the recognized gain for lemonade, LLC.
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