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Gary's basis in his interest in the GAR Partnership is $24,000. In complete liquidation fo his interest, Gary receives cash of $4,000 and land having

Gary's basis in his interest in the GAR Partnership is $24,000. In complete liquidation fo his interest, Gary receives cash of $4,000 and land having a FMV of $40,000 and an inside basis of $15,000. a. How much gain or loss, if any, does Gary recognize for tax purposes b. What is Gary's basis in the land after distribution?

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