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Last December 31, Ramon sold the 10 percent interest in the Del Sol Partnership that he had held for two years to Garrett for $390,000.
Last December 31, Ramon sold the 10 percent interest in the Del Sol Partnership that he had held for two years to Garrett for $390,000. Prior to selling his interest, Ramons basis in Del Sol was $200,000 which included a $100,000 share of nonrecourse debt allocated to him. What is Garretts tax basis in his partnership interest?
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