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The adjusted basis of David's partnership interest was $100,000 immediately before David received a current distribution of $60,000 cash and property with an adjusted
The adjusted basis of David's partnership interest was $100,000 immediately before David received a current distribution of $60,000 cash and property with an adjusted basis to the partnership of $80,000 and a fair market value of $70,000. What is David's tax basis in the property distributed to him? a. $80,000 b. $70,000 c. SO d. $40,000
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Fundamentals Of Taxation 2015
Authors: Ana Cruz, Michael Deschamps, Frederick Niswander, Debra Prendergast, Dan Schisler, Jinhee Trone
8th Edition
1259293092, 978-1259293122, 1259293122, 978-1259293092
