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In a standard liquidating partnership distribution, which of the following is not true: a. The assets distributed take on the partners outside basis. b. Gain
In a standard liquidating partnership distribution, which of the following is not true:
a. The assets distributed take on the partners outside basis.
b. Gain is recognized for any difference between the partners outside basis and the inside basis of partnership assets.
c. The partners outside basis will be reduced to zero.
d. Any excess inside basis over outside basis is lost forever.
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