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Amanda is a 3 0 % partner in the ACW Partnership with an outside basis of $ 2 2 , 0 0 0 . ACW

Amanda is a

30 %

partner in the ACW Partnership with an outside basis of $

22, 000 .

ACW distributes land with a basis of $

12, 000

and fair value of $

18, 000

to Amanda in complete liquidation of her interest. Amanda recognizes a capital loss of $

4, 000

on the distribution.

True or False

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