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In December of the current year, the Anthony Rizzo Estate terminated after distributing its residual assets to beneficiares. One of the assets is a rental
In December of the current year, the Anthony Rizzo Estate terminated after distributing its residual assets to beneficiares. One of the assets is a rental property with a tax basis of $200,000, suspended passive activity losses of $50,000 and a FMV of $275,000. What is the basis of the property in the hands of the beneficiares and what amount of gain or loss will the estate recognize on the distribution?
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