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Sue's tax basis in her 20% interest in Weninger Partners is $50,000. The partnership has no debt and no hot assets. She receives a liquidating
Sue's tax basis in her 20% interest in Weninger Partners is $50,000. The partnership has no debt and no hot assets. She receives a liquidating distribution of real estate with a tax basis to the partnership of $35,000 and a fair market value of $90,000. How much gain or loss will she recognize on receipt of the distribution and what will be her tax basis in the real estate?
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