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Steven, a partner in Red Herring, LP, receives a non-liquidating property distribution of property with an inside basis of $140,000. Prior to the distribution Steven's
Steven, a partner in Red Herring, LP, receives a non-liquidating property distribution of property with an inside basis of $140,000. Prior to the distribution Steven's outside basis was $90,000. Assuming Red Herring has made the proper election, what 754 adjustment to inside basis should Red Herring make to its remaining assets after the distribution
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