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Assume in question 2 above that Oak Motte Partners has liabilities outstanding of $500 000 . All other information is the same a . What

Assume in question 2 above that Oak Motte Partners has liabilities outstanding of $500 000 . All other information is the same a . What is Farley's tax basis in his Oak Motte interest at the end of year s ? b . How much gain will he report in connection with sale of that interest

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