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Pablo has a $93,800 basis in his partnership interest. On May 9 of the current tax year, the partnership distributes to him, in a proportionate
Pablo has a $93,800 basis in his partnership interest. On May 9 of the current tax year, the partnership distributes to him, in a proportionate current distribution, cash of $37,520, cash basis receivables with an inside basis of $0 and a fair market value of $23,450, and land with a basis and fair market value to the partnership of $121,940.
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