Karen has a $68,000 basis in her 50% partnership interest in the KD Partnership before receiving a

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Karen has a $68,000 basis in her 50% partnership interest in the KD Partnership before receiving a current distribution of $6,000 cash and land with a fair market value of $35,000 and a basis to the partnership of $18,000.
a. What is the amount and character of Karen's recognized gain or loss?
b. What is Karen's basis in the land?
c. What is Karen's remaining basis in her partnership interest?
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Taxation Of Individuals And Business Entities 2015

ISBN: 9780077862367

6th Edition

Authors: Brian Spilker, Benjamin Ayers, John Robinson, Edmund Outslay, Ronald Worsham, John Barrick, Connie Weaver

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