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Required information Problem 21-42 (LO 21-3) (Algo) Skip to question [The following information applies to the questions displayed below.] Karen has a $70,850 basis in
Required information
Problem 21-42 (LO 21-3) (Algo)
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[The following information applies to the questions displayed below.] Karen has a $70,850 basis in her 50 percent partnership interest in the KD Partnership before receiving a current distribution of $6,350 cash and land with a fair market value of $36,300 and a basis to the partnership of $18,700.
Problem 21-42 Part b (Algo)
b. What is Karens basis in the land?
c. What is Karens remaining basis in her partnership interest?
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