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1. Izzy's partnership interest basis is $60,000. Izzy receives a proportionate, liquidating distribution from a liquidating partnership of $45,000 cash and inventory having a basis
1. Izzy's partnership interest basis is $60,000. Izzy receives a proportionate, liquidating distribution from a liquidating partnership of $45,000 cash and inventory having a basis of $20,000 to the partnership and a fair market value of $6,000. Izzy assigns a basis of $6,000 to the inventory and recognizes a $9,000 loss.
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