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Last December 31, Ramon sold the 20 percent interest in the Del Sol Partnership that he had held for two years to Garrett for $587,500.
Last December 31, Ramon sold the 20 percent interest in the Del Sol Partnership that he had held for two years to Garrett for $587,500. Prior to selling his interest, Ramons basis in Del Sol was $298,000, which included a $101,000 share of nonrecourse debt allocated to him. What is Garretts tax basis in his partnership interest?
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