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1) Smith is a 50% partner in Lyles Partners. Smith's tax basis in Lyles partners on January 1 , year four, was $6,000. Lyles Partners

1) Smith is a 50% partner in Lyles Partners. Smith's tax basis in Lyles partners on January 1 , year four, was $6,000. Lyles Partners made no distributions to the partners during year and recorded the following incomes

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