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Kelly, Sabrina, and Jill are equal partners in a partnership that has the following assets: (i) $120,000 of cash, (ii) inventory with a basis of
Kelly, Sabrina, and Jill are equal partners in a partnership that has the following assets: (i) $120,000 of cash, (ii) inventory with a basis of $114,000 and a value of $120,000, and (iii) l...
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