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(9) In a liquidating distribution Christine Chapel receives cash of $35,000 and land, which the partnership had a basis of $75,000 and FMV of $98,667.

(9) In a liquidating distribution Christine Chapel receives cash of $35,000 and land, which the partnership had a basis of $75,000 and FMV of $98,667. Christine's basis in her interest is $115,000. What is her gain or loss on the distribution? What is her basis in the land? (b)

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