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Gim is a 50% partner in Eagles partnership. At a time when his basis in his partnership interest is $20,000, the partnership distribute to Gim
Gim is a 50% partner in Eagles partnership. At a time when his basis in his partnership interest is $20,000, the partnership distribute to Gim appreciated property worth $100,000(basis of $20,000). Gim's taxable gain is:
a. 0
b. $80,000
c. $20,000
d. $100,000
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