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T. Palms has a basis of $20,000 for her one-third interest in a partnership. The partnership has no liabilities, cash of $22,000, and property with
| T. Palms has a basis of $20,000 for her one-third interest in a partnership. The partnership has no liabilities, cash of $22,000, and property with a partnership basis of $38,000 and fair market value of $44,000. For her one-third interest, Palms receives the cash of $22,000. If the partnership elects Sec. 754 optional basis adjustment, what is the basis of the retained partnership property? |
| A. | $36,000 |
| B. | $40,000 |
| C. | $38,000 |
| D. | $39,000 |
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Operational Guidelines For Postmortem Examinations And Auditing
Authors: O.P. Murty, O.P Murty
1st Edition
8123924437, 978-8123924434
