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The adjusted basis in a partnership is $14,000 and you receive a distribution of $8000 cash and land with a FMV of $3000 and an
The adjusted basis in a partnership is $14,000 and you receive a distribution of $8000 cash and land with a FMV of $3000 and an adjusted basis of $2000. Explain the consequences if you subsequently receive a distribution of the land after the $3k cash distribution
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