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Bane has a $50,000 basis for his interest in BZ Partnership before receiving a current distribution consisting of $8,000 in money, accounts receivable having a
Bane has a $50,000 basis for his interest in BZ Partnership before receiving a current distribution consisting of $8,000 in money, accounts receivable having a zero basis to the partnership, and land having a $28,000 basis to the partnership. How much Gain/Loss does Bane report? What is the basis in each asset received? What is Bane's basis in his partnership interest after the distribution
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