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2 0 out of 0 points John has a $24,000 basis in his partnership interest. He receives a current distribution of $4,000 cash, accounts receivable
2 0 out of 0 points John has a $24,000 basis in his partnership interest. He receives a current distribution of $4,000 cash, accounts receivable ($12,000 A/B, $16,000 FMV) and land ($3,000 A/B, $8,000 FMV). The basis of his partnership interest following the distribution is Selected Answer: Answers: a. $0 a. $0 b. $5,000 c. $1,000 d. ($4,000) A 4
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