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Kathy is a 25 percent partner in the KDP Partnership and receives $121000 cash in complete liquidation of her partnership interest. Kathy's outside basis immediately

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Kathy is a 25 percent partner in the KDP Partnership and receives $121000 cash in complete liquidation of her partnership interest. Kathy's outside basis immediately before the distribution is $159.000 KDP currently has a 754 election in effect and has no hot assets or liabilities Which of the following statements is true

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