Question
Judith is a 25% partner in the Rogan Partnership. Her tax basis in her partnership interest is $30,000. She received a non-liquidating distribution consisting of
Judith is a 25% partner in the Rogan Partnership. Her tax basis in her partnership interest is $30,000. She received a non-liquidating distribution consisting of property with a tax basis to the partnership of $28,000 and a fair market value of $52,000. The partnership has no hot assets. What will be Judith's remaining tax basis in her partnership interest following receipt of the distribution?
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The Basics Of Quality Auditing
Authors: Ronald Blank
1st Edition
1138438863, 9781138438866
