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Jenney had a $40,000 basis in her 50% partnership interest in the Spur Partnership. Spur has a great year and it paid off its only
Jenney had a $40,000 basis in her 50% partnership interest in the Spur Partnership. Spur has a great year and it paid off its only liability (which was a recourse liability to both partners) that was in the amount of $200,000. Does Jenney have any tax consequences?
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