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Problem 3 Karen has a basis in her partnerskip interest of $24,000 when she receives a distribution from the partnership of $12,000 cash, and equipment

Problem 3 Karen has a basis in her partnerskip interest of $24,000 when she receives a distribution from the partnership of $12,000 cash, and equipment with a basis of $16,000 ($24,000 FMV). a. How much gain or loss must Karen recognize on the distribution? b. What is Karen's ending partnership basis? c. What is Karen's basis in the equipment

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