Question
Ryan's adjusted basis in his partnership is $3.000. The partnership went out of business and Ryan received $11,000 in cash and land with an adjusted
Ryan's adjusted basis in his partnership is $3.000. The partnership went out of business and Ryan received $11,000 in cash and land with an adjusted basis of $15.000. What is Ryan's basis in the land received?
a. $15,000
b. $0
c. $3,000
d. $8,000
e. $11,000
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Income Tax Fundamentals 2015
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven Gill
33rd Edition
9781305177772
