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1 . Audrey, Becca, and Christine are equal partners is ABC Partnership. ABC has assets worth $ 1 2 0 , 0 0 0 and
Audrey, Becca, and Christine are equal partners is ABC Partnership. ABC has assets worth $ and no liabilities. Audrey has an outside basis of $ ABC has no income or loss for the current year so d does not apply
ABC distributes $ cash to each partner. What are the tax consequences?
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