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Catherine has been a partner in the Biogenetics Partnership for several years. Her outside basis is 10000 and her capital account is 17000. Catherine receives
Catherine has been a partner in the Biogenetics Partnership for several years. Her outside basis is 10000 and her capital account is 17000. Catherine receives a current distributio of 2000 cash and land with a basis of 5000 and a FMV of 7000. What is Catherines outside basis in her partnership interest following the distribution? a)1000 b)8000 c)10000 d)3000
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