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Required information The following information applies to the questions displayed below.] Megan and Matthew are equal partners in the J & J Partnership (calendar year-end

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Required information The following information applies to the questions displayed below.] Megan and Matthew are equal partners in the J & J Partnership (calendar year-end entity). On January 1 of the current year, they decide to liquidate the partnership. Megan's basis in her partnership interest is $116,000 and Matthew's is $41,400. The two partners receive identical distributions, with each receiving the following assets Tax Basis FMV $34,000 $34,000 Cash Inventory Land Totals 7,400 900 8,560 1,480 $42,300 $44,040 (Leave no answer blank. Enter zero if applicable.) d. What is Matthew's basis in the distributed assets? Basis Cash Inventory Land

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