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Jeremy sold his 4 0 % interest in the HIJ Partnership to Ashley for $ 4 0 0 , 0 0 0 . The inside

Jeremy sold his 40% interest in the HIJ Partnership to Ashley for $400,000. The inside basis of all partnership assets was $600,000 at the time of the sale. If the partnership makes a 754 election, it will record a $160,000 step-up in the basis of the partnership assets, and the step-up will be attributed solely to Ashley.
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