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15. Ted King's basis for his interest in the Troy Partnership is $24,000. In complete proportionate liquidation of his interest, King receives cash of $4,000

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15. Ted King's basis for his interest in the Troy Partnership is $24,000. In complete proportionate liquidation of his interest, King receives cash of $4,000 and land having an FMV of $40,000 and basis of $15,000. King's basis for this land is a. $15,000. b. $20,000. c. $36,000. d. $40,000

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