Question
Gearty's adjusted basis in Worthington Company, a partnership, was $18,000 at the time Gearty received the following nonliquidating distributions of partnership property: Cash $10,000 Land
Gearty's adjusted basis in Worthington Company, a partnership, was $18,000 at the time Gearty received the following nonliquidating distributions of partnership property:
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What is Gearty's tax basis in the land received from the partnership?
a.$0
b.$8,000
c.$14,000
d.$20,000
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Information For Decision Making Readings In Cost And Managerial Accounting
Authors: Alfred Rappaport
2nd Edition
0134643887, 978-0134643885
