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Judy decided to dispose of her partnership interest in the ILK partnership. She has asked you to help her determine what the tax consequences will

  • Judy decided to dispose of her partnership interest in the ILK partnership. She has asked you to help her determine what the tax consequences will be for the disposition of her partnership interest, including how the amount is determined and the character of the gain or loss.
  • Please share the advice you would give to Judy and explain how this is different for an operating versus liquidating distribution.

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