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Terry has basis in Bulldog Bar, a partnership, of $1,200. He received a distribution of a piece of appreciated sports memorabilia worth $5,000 with a
Terry has basis in Bulldog Bar, a partnership, of $1,200. He received a distribution of a piece of appreciated sports memorabilia worth $5,000 with a basis of $1,500. What is Terrys basis in the sports memorabilia?
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$1,500
$1,200
$5,000
0
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