Question
as part of a liquidating distribution, a partner receives $8000 cash and land with a fair market value of $12000 and a basis of $7000.
as part of a liquidating distribution, a partner receives $8000 cash and land with a fair market value of $12000 and a basis of $7000. the partners basis in the partnership prior to the distribution was $10000. what is the partners basis in the land immediately after the distribution?
2000
7000
8000
12000
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Water Audits And Loss Control Programs
Authors: American Water Works Association
4th Edition
1625761007, 978-1625761002
