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my current selections are incorrect together. please help! Partner Roberts receives a distribution of partnership property that is not in complete liquidation of her partnership
my current selections are incorrect together. please help!
Partner Roberts receives a distribution of partnership property that is not in complete liquidation of her partnership interest. Her outside basis at the time of the distribution is $80,000. The properties she receives are the following: 1) Cash of $5,000 2) Liability release of $4,000 3) Non-Marketable Securities with a fair market value of $10,000 and an inside basis to the partnership of $7,000. SELECT ALL OF THE TRUE STATEMENTS FROM THE LIST BELOW!! She has no gain on the distribution She has a gain of $3,000 on the distribution She has an outside basis of $61,000 after this distribution She has an outside basis of $64,000 after this distribution Her basis in the non-marketable securities is $7,000 Her basis in the non-marketable securities is $10,000Step by Step Solution
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