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Required information [The following information applies to the questions displayed below.] Last December 31, Ramon sold the 30 percent interest in the Del Sol Partnership
Required information [The following information applies to the questions displayed below.] Last December 31, Ramon sold the 30 percent interest in the Del Sol Partnership that he had held for two years to Garrett for $582,500. Prior to selling his interest, Ramon's basis in Del Sol was $259,000, which included a $130,000 share of nonrecourse liabilities allocated to him. a. What is Garrett's tax basis in his partnership interest
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