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Peat has a $150,000 basis in his partnership interest. On May 1 of the current tax year, as part of an operating distribution, the partnership
Peat has a $150,000 basis in his partnership interest. On May 1 of the current tax year, as part of an operating distribution, the partnership distributes to him cash of $88,000 and a parcel of land with a fair market value of $35,000 and a basis to the partnership of $40,000. What is Peat's outside basis in his partnership interest after the distribution
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