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Business, 02.01.2021 04:40 DavidSuperior3475

Morse is a 50% partner in Ecco Partnership. Morse's tax basis in Ecco on January 2 was $4,000. Ecco did not have unrealized receivables, appreciated inventory, or properties that had been contributed by its partners. On December 31, Ecco made an $11,000 nonliquidating cash distribution to Morse. For the year, Ecco reported $10,000 of ordinary business income. What is the amount of the net capital gain realized by Morse from the cash distribution

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Morse is a 50% partner in Ecco Partnership. Morse's tax basis in Ecco on January 2 was $4,000. Ecco...
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