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Balance Sheet for ABC Assets Tax Basis FMV Cash 2 , 5 0 0 2 , 5 0 0 Inventory 1 , 2 0 0

Balance Sheet for ABC
Assets Tax Basis FMV
Cash 2,5002,500
Inventory 1,2001,500
Land 9002,000
Capital Accounts
A 1,0002,000
B 1,0002,000
C 1,0002,000
A receives the land in total liquidation of their partnership interest. What is the tax implication of this transaction?
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