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Brians basis in his partnership interest is $24,000. In a complete liquidation of his partnership interest, Brian receives $4000 cash and Land with a basis
Brians basis in his partnership interest is $24,000. In a complete liquidation of his partnership interest, Brian receives $4000 cash and Land with a basis of $15,000 and a FMV of $30,000. What is Brians basis in the Land and what is his recognized gain or loss on the liquidation of his partnership interest, if any?
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