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A receives land #1 as a distribution in liquidation of his interest in the partnership. Both parcels of land are capital assets to the partnership.

A receives land #1 as a distribution in liquidation of his interest in the partnership. Both parcels of land are capital assets to the partnership. (a) Disregarding $ 736(a), which is inapplicable under these facts, discuss the tax consequences to A and to the partnership if there is no 754 election in effect. (b) What difference in result in (a), above, if the partnership had made a 754 election

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