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Rhonda has a basis of $10,250 in a partnership at the beginning of the year. She receives $15,000 in cash distributions, and her distributive share
Rhonda has a basis of $10,250 in a partnership at the beginning of the year. She receives $15,000 in cash distributions, and her distributive share of income is $4,075. Is Rhonda required to recognize any gain? If so, how much? What is Rhondas ending basis in her partnership interest?
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